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NEW YORK LIFE INVESTMENTS FUNDS TRUST
2026-04-30
NYLI Fiera SMID Growth Fund
Class A
APSRX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1533_1f72c464_a8dd_364d_e96b_f82791d6f283;">semiannual shareholder report</span></span> contains important information about NYLI Fiera SMID Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
58
0.0115
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 21, 2023, the Fiera Capital Small/Mid-Cap Growth Fund (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to July 21, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364744.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/12/2018</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(4.07<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.21<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.21<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.35<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.51<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.68<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.21<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.35<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.17%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 2500<sup style="font-size: 10px;">TM</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">35.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.52%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.05%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Mid Cap Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.35%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2018-02-12
-0.0407
0.1121
0.0221
0.0935
Class A Shares - Excluding sales charges
0.0151
0.1768
0.0221
0.0935
Russell 3000®Index
0.0611
0.3101
0.1191
0.1417
Russell 2500TM Growth Index
0.0654
0.3511
0.0352
0.1005
Morningstar Mid Cap Growth Category Average
0.0183
0.2057
0.0316
0.1035
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>232,313,208<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">75<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
232313208
75
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BWX Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comfort Systems USA, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lattice Semiconductor Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entegris, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JFrog Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stifel Financial Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Construction & Engineering</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Building Products</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BWX Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comfort Systems USA, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lattice Semiconductor Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entegris, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JFrog Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stifel Financial Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.035
0.035
0.033
0.031
0.028
0.028
0.028
0.026
0.022
0.022
0.157
0.120
0.082
0.068
0.059
0.054
0.050
0.042
0.042
0.042
0.284
NYLI Fiera SMID Growth Fund
Class C
APSLX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1534_4b20d0eb_2a21_d375_c124_4cb2dbcc6b7e;">semiannual shareholder report</span></span> contains important information about NYLI Fiera SMID Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.05<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
102
0.0205
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364746.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7/24/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.07<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.05<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.05<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.16%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 2500<sup style="font-size: 10px;">TM</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">35.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Mid Cap Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.74%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2023-07-24
0.0007
0.1564
0.0505
Class C Shares - Excluding sales charges
0.0106
0.1664
0.0505
Russell 3000®Index
0.0611
0.3101
0.1916
Russell 2500TM Growth Index
0.0654
0.3511
0.1298
Morningstar Mid Cap Growth Category Average
0.0183
0.2057
0.1274
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>232,313,208<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">75<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
232313208
75
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BWX Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comfort Systems USA, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lattice Semiconductor Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entegris, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JFrog Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stifel Financial Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Construction & Engineering</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Building Products</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BWX Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comfort Systems USA, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lattice Semiconductor Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entegris, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JFrog Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stifel Financial Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.035
0.035
0.033
0.031
0.028
0.028
0.028
0.026
0.022
0.022
0.157
0.120
0.082
0.068
0.059
0.054
0.050
0.042
0.042
0.042
0.284
NYLI Fiera SMID Growth Fund
Class I
APSGX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1534_961fda44_035d_d8f9_6e26_e7d72b967019;">semiannual shareholder report</span> contains important information about NYLI Fiera SMID Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
43
0.0085
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 21, 2023, the Fiera Capital Small/Mid-Cap Growth Fund (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to July 21, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund. The historical performance presented prior to February 12, 2018 reflects the performance of APEXcm Small/Mid-Cap Growth Fund, a former series of The Ultimus Managers Trust (the "Prior Predecessor Fund"). The returns of the Prior Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Predecessor Fund or the Fund. The returns prior to February 12, 2018 are based on the previous performance and actual fees and expenses of the Prior Predecessor Fund's sole class of shares (i.e., the Prior Predecessor Fund's Institutional Class shares, which commenced operations on June 29, 2012). The Predecessor Fund's Investor Class shares commenced operations on February 12, 2018.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364745.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/29/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.07<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.21<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 2500<sup style="font-size: 10px;">TM</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">35.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.52%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.69%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Mid Cap Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.45%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2012-06-29
0.0169
0.1807
0.0250
0.1121
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 2500TM Growth Index
0.0654
0.3511
0.0352
0.1169
Morningstar Mid Cap Growth Category Average
0.0183
0.2057
0.0316
0.1145
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>232,313,208<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">75<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
232313208
75
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BWX Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comfort Systems USA, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lattice Semiconductor Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entegris, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JFrog Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stifel Financial Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Construction & Engineering</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Building Products</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BWX Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comfort Systems USA, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lattice Semiconductor Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entegris, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JFrog Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stifel Financial Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.035
0.035
0.033
0.031
0.028
0.028
0.028
0.026
0.022
0.022
0.157
0.120
0.082
0.068
0.059
0.054
0.050
0.042
0.042
0.042
0.284
NYLI Fiera SMID Growth Fund
Class R6
APSDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1532_b5ca930e_e42c_d111_ff81_abcb2226cf7f;">semiannual shareholder report</span> contains important information about NYLI Fiera SMID Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>41</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.82<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
41
0.0082
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364735.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7/24/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.05<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.31<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.16%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 2500<sup style="font-size: 10px;">TM</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">35.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Mid Cap Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.74%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2023-07-24
0.0169
0.1805
0.0631
Russell 3000®Index
0.0611
0.3101
0.1916
Russell 2500TM Growth Index
0.0654
0.3511
0.1298
Morningstar Mid Cap Growth Category Average
0.0183
0.2057
0.1274
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>232,313,208<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">75<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
232313208
75
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BWX Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comfort Systems USA, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lattice Semiconductor Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entegris, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JFrog Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stifel Financial Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Construction & Engineering</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Building Products</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BWX Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comfort Systems USA, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lattice Semiconductor Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Entegris, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JFrog Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stifel Financial Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.035
0.035
0.033
0.031
0.028
0.028
0.028
0.026
0.022
0.022
0.157
0.120
0.082
0.068
0.059
0.054
0.050
0.042
0.042
0.042
0.284
NYLI Epoch Capital Growth Fund
Class A
MECDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1525_4ad58c56_cebb_153f_bfd8_a58e0ad7fe49;">semiannual shareholder report</span> contains important information about NYLI Epoch Capital Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
59
0.0115
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Growth of 10K chart image (class A)" src="g104225chartimages_5364802.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2016</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.46<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.71<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.96<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.23<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.36<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.95%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.47%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2016-06-30
-0.0046
0.1336
0.0800
0.1271
Class A Shares - Excluding sales charges
0.0533
0.1996
0.0923
0.1336
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1295
Morningstar Global Large Stock Growth Category Average
0.0126
0.2081
0.0591
0.1147
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>133,961,866<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">107<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
133961866
107
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hoya Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">West Pharmaceutical Services, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">69.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Thailand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hoya Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">West Pharmaceutical Services, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.035
0.023
0.021
0.021
0.020
0.019
0.018
0.017
0.016
0.015
0.695
0.048
0.041
0.035
0.022
0.021
0.020
0.019
0.018
0.014
0.067
NYLI Epoch Capital Growth Fund
Class C
MECEX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1538_70f04310_b766_cdba_ebee_3e5dd0b22304;">semiannual shareholder report</span></span> contains important information about NYLI Epoch Capital Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>109</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.15<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
109
0.0215
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Growth of 10K chart image (class C)" src="g104225chartimages_5364803.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2016</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.86<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.26<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.26<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.95%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.47%</td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2016-06-30
0.0386
0.1774
0.0813
0.1226
Class C Shares - Excluding sales charges
0.0483
0.1874
0.0813
0.1226
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1295
Morningstar Global Large Stock Growth Category Average
0.0126
0.2081
0.0591
0.1147
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>133,961,866<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">107<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
133961866
107
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hoya Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">West Pharmaceutical Services, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">69.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Thailand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hoya Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">West Pharmaceutical Services, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.035
0.023
0.021
0.021
0.020
0.019
0.018
0.017
0.016
0.015
0.695
0.048
0.041
0.035
0.022
0.021
0.020
0.019
0.018
0.014
0.067
NYLI Epoch Capital Growth Fund
Class I
MECFX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1527_76724378_3e22_59d0_08d7_58af0bdafc19;">semiannual shareholder report</span> contains important information about NYLI Epoch Capital Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
46
0.0090
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Growth of 10K chart image (class I)" src="g104225chartimages_5364804.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2016</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.28<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.51<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.63<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.95%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.47%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2016-06-30
0.0550
0.2028
0.0951
0.1363
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1295
Morningstar Global Large Stock Growth Category Average
0.0126
0.2081
0.0591
0.1147
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>133,961,866<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">107<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
133961866
107
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hoya Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">West Pharmaceutical Services, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">69.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Thailand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hoya Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">West Pharmaceutical Services, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.035
0.023
0.021
0.021
0.020
0.019
0.018
0.017
0.016
0.015
0.695
0.048
0.041
0.035
0.022
0.021
0.020
0.019
0.018
0.014
0.067
NYLI Epoch Capital Growth Fund
Investor Class
MECVX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1528_b936fac7_e9ae_505a_9f55_17dd5c32c28d;">semiannual shareholder report</span> contains important information about NYLI Epoch Capital Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
71
0.0140
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Growth of 10K chart image (investor class)" src="g104225chartimages_5364806.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2016</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.07<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.08<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.95%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.47%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2016-06-30
-0.0007
0.1366
0.0782
0.1243
Investor Class Shares - Excluding sales charges
0.0519
0.1964
0.0894
0.1308
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1295
Morningstar Global Large Stock Growth Category Average
0.0126
0.2081
0.0591
0.1147
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>133,961,866<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">107<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
133961866
107
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hoya Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">West Pharmaceutical Services, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">69.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Thailand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hoya Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">West Pharmaceutical Services, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.035
0.023
0.021
0.021
0.020
0.019
0.018
0.017
0.016
0.015
0.695
0.048
0.041
0.035
0.022
0.021
0.020
0.019
0.018
0.014
0.067
NYLI Epoch International Choice Fund
Class A
ICEVX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1529_2638b99d_ae93_bb5b_c67d_928cf1531cc0;">semiannual shareholder report</span> contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.17<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
62
0.0117
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364789.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9/1/2006</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.75<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.73<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">27.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.36<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.78%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2006-09-01
0.0747
0.2060
0.0539
0.0675
Class A Shares - Excluding sales charges
0.1373
0.2761
0.0659
0.0736
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.0878
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>292,576,551<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">37<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
292576551
37
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sweden</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.042
0.041
0.040
0.039
0.037
0.035
0.035
0.034
0.034
0.204
0.194
0.160
0.110
0.084
0.066
0.052
0.042
0.035
0.034
0.019
NYLI Epoch International Choice Fund
Class C
ICEWX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1530_1d459453_9e7d_cf6d_6c8d_6c95452a545f;">semiannual shareholder report</span> contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.24<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
119
0.0224
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364790.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9/1/2006</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.25<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.25<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.78%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2006-09-01
0.1214
0.2524
0.0547
0.0625
Class C Shares - Excluding sales charges
0.1314
0.2624
0.0547
0.0625
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.0878
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>292,576,551<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">37<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
292576551
37
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sweden</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.042
0.041
0.040
0.039
0.037
0.035
0.035
0.034
0.034
0.204
0.194
0.160
0.110
0.084
0.066
0.052
0.042
0.035
0.034
0.019
NYLI Epoch International Choice Fund
Class I
ICEUX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1531_9f9666a6_8098_fd7d_1da4_067f66b32408;">semiannual shareholder report</span> contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>49</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
49
0.0092
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364791.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12/31/1997</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">27.92<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.88<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.64<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.78%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1997-12-31
0.1389
0.2792
0.0688
0.0764
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.0878
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>292,576,551<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">37<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
292576551
37
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sweden</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.042
0.041
0.040
0.039
0.037
0.035
0.035
0.034
0.034
0.204
0.194
0.160
0.110
0.084
0.066
0.052
0.042
0.035
0.034
0.019
NYLI Epoch International Choice Fund
Investor Class
ICELX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1540_ecb59acf_c06a_8ccb_47e4_9265a25396d8;">semiannual shareholder report</span> contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
79
0.0149
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the graph and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.</div><div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364792.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/29/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.87<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.84<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.48<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">27.20<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.27<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.08<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.78%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-04-29
0.0787
0.2084
0.0519
0.0648
Investor Class Shares - Excluding sales charges
0.1354
0.2720
0.0627
0.0708
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.0878
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>292,576,551<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">37<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
292576551
37
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sweden</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.042
0.041
0.040
0.039
0.037
0.035
0.035
0.034
0.034
0.204
0.194
0.160
0.110
0.084
0.066
0.052
0.042
0.035
0.034
0.019
NYLI Epoch International Choice Fund
SIMPLE Class
ICERX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1533_e75824e4_ac65_4dfc_960e_49c24929ca29;">semiannual shareholder report</span> contains important information about NYLI Epoch International Choice Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.46<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
77
0.0146
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable,<span style="white-space: nowrap;"> </span>for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364793.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">27.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.17<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup>®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.1359
0.2724
0.0619
0.0817
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.1135
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.1067
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>292,576,551<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">37<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
292576551
37
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sweden</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RELX plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., GDR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vonovia SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Post AG</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.042
0.041
0.040
0.039
0.037
0.035
0.035
0.034
0.034
0.204
0.194
0.160
0.110
0.084
0.066
0.052
0.042
0.035
0.034
0.019
NYLI Balanced Fund
Class A
MBNAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1545_0002ae0d_7c62_40a8_dccd_0f956bf4485d;">semiannual shareholder report</span> contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>54</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.05<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
54
0.0105
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364747.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.51<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.38<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.21<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.77<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.98<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Intermediate Government/Credit Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.27%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.03%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Balanced Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.51%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Moderate Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.55%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2004-01-02
0.0451
0.1175
0.0513
0.0638
Class A Shares - Excluding sales charges
0.0774
0.1521
0.0577
0.0698
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
Bloomberg U.S. Intermediate Government/Credit Bond Index
0.0095
0.0367
0.0127
0.0203
Balanced Composite Index
0.0879
0.1851
0.0681
0.0775
Morningstar Moderate Allocation Category Average
0.0524
0.1884
0.0662
0.0855
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>448,301,201<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">193<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">89<span>%</span></td> </tr> </table>
448301201
193
0.89
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Exchange-Traded Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.168
0.038
0.034
0.029
0.023
0.021
0.016
0.014
0.014
0.013
0.622
0.168
0.087
0.085
0.016
0.009
0.009
0.004
NYLI Balanced Fund
Class C
MBACX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1535_5bb3857d_4269_e6f9_5075_e59d97b812f9;">semiannual shareholder report</span> contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
106
0.0206
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364748.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12/30/2002</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.22<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.94<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.22<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.94<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Intermediate Government/Credit Bond <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.27%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.03%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Balanced Composite <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.51%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Moderate Allocation Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.55%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2002-12-30
0.0622
0.1306
0.0471
0.0594
Class C Shares - Excluding sales charges
0.0722
0.1406
0.0471
0.0594
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
Bloomberg U.S. Intermediate Government/Credit Bond Index
0.0095
0.0367
0.0127
0.0203
Balanced Composite Index
0.0879
0.1851
0.0681
0.0775
Morningstar Moderate Allocation Category Average
0.0524
0.1884
0.0662
0.0855
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>448,301,201<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">193<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">89<span>%</span></td> </tr> </table>
448301201
193
0.89
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Exchange-Traded Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.168
0.038
0.034
0.029
0.023
0.021
0.016
0.014
0.014
0.013
0.622
0.168
0.087
0.085
0.016
0.009
0.009
0.004
NYLI Balanced Fund
Class I
MBAIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1536_7bf18cd1_f718_22e9_1c86_2b6de03d543a;">semiannual shareholder report</span> contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
42
0.0081
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364749.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5/1/1989</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.25<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Intermediate Government/Credit Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.27%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.03%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Balanced Composite <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.51%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Moderate Allocation Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.55%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1989-05-01
0.0791
0.1550
0.0604
0.0725
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
Bloomberg U.S. Intermediate Government/Credit Bond Index
0.0095
0.0367
0.0127
0.0203
Balanced Composite Index
0.0879
0.1851
0.0681
0.0775
Morningstar Moderate Allocation Category Average
0.0524
0.1884
0.0662
0.0855
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>448,301,201<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">193<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">89<span>%</span></td> </tr> </table>
448301201
193
0.89
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Exchange-Traded Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.168
0.038
0.034
0.029
0.023
0.021
0.016
0.014
0.014
0.013
0.622
0.168
0.087
0.085
0.016
0.009
0.009
0.004
NYLI Balanced Fund
Class R6
MBERX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1537_7db02a98_0575_d95a_6418_c4fe96ee300d;">semiannual shareholder report</span> contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
37
0.0072
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364751.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12/15/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.58<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.89<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.78%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.25%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Intermediate Government/Credit Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.27%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.24%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Balanced Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.51%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.31%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Moderate Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.54%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2017-12-15
0.0794
0.1558
0.0612
0.0689
Russell 3000®Index
0.0611
0.3101
0.1191
0.1378
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1025
Bloomberg U.S. Intermediate Government/Credit Bond Index
0.0095
0.0367
0.0127
0.0224
Balanced Composite Index
0.0879
0.1851
0.0681
0.0731
Morningstar Moderate Allocation Category Average
0.0524
0.1884
0.0662
0.0754
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>448,301,201<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">193<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">89<span>%</span></td> </tr> </table>
448301201
193
0.89
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Exchange-Traded Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.168
0.038
0.034
0.029
0.023
0.021
0.016
0.014
0.014
0.013
0.622
0.168
0.087
0.085
0.016
0.009
0.009
0.004
NYLI Balanced Fund
Investor Class
MBINX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1538_5af26732_4e7e_3bf7_fcc9_d50879856d71;">semiannual shareholder report</span> contains important information about NYLI Balanced Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.32<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
68
0.0132
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies for the equity portion of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364752.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.97<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.14<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.62<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.74<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Intermediate Government/Credit Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.27%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.03%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Balanced Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.51%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Moderate Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.55%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0493
0.1206
0.0497
0.0614
Investor Class Shares - Excluding sales charges
0.0762
0.1493
0.0550
0.0674
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
Bloomberg U.S. Intermediate Government/Credit Bond Index
0.0095
0.0367
0.0127
0.0203
Balanced Composite Index
0.0879
0.1851
0.0681
0.0775
Morningstar Moderate Allocation Category Average
0.0524
0.1884
0.0662
0.0855
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>448,301,201<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">193<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">89<span>%</span></td> </tr> </table>
448301201
193
0.89
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Exchange-Traded Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">iShares Intermediate Government/Credit Bond ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Intermediate-Term Treasury ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Russell 1000 Value ETF</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck & Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.168
0.038
0.034
0.029
0.023
0.021
0.016
0.014
0.014
0.013
0.622
0.168
0.087
0.085
0.016
0.009
0.009
0.004
NYLI Floating Rate Fund
Class A
MXFAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1539_4b00f2b9_f432_d68a_3c25_11e1a02b4fea;">semiannual shareholder report</span> contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
48
0.0097
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364862.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5/3/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.80<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.48<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.20<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.23<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.40<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.52<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Morningstar LSTA US Leveraged Loan Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.22%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.53%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Bank Loan Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.54%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2004-05-03
-0.0180
0.0224
0.0448
0.0420
Class A Shares - Excluding sales charges
0.0123
0.0540
0.0512
0.0452
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar LSTA US Leveraged Loan Index
0.0173
0.0622
0.0609
0.0553
Morningstar Bank Loan Category Average
0.0162
0.0600
0.0517
0.0454
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,310,827,768<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">466<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">12<span>%</span></td> </tr> </table>
1310827768
466
0.12
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Services: Business</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals, Plastics & Rubber</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronics</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">High Tech Industries</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare & Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Automobile</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">52.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.008
0.008
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.075
0.068
0.055
0.051
0.048
0.044
0.042
0.033
0.032
0.029
0.523
NYLI Floating Rate Fund
Class C
MXFCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1540_56e71ca7_cef1_51cc_120c_595abbe85aa8;">semiannual shareholder report</span> contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.87<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
93
0.0187
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364863.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5/3/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.18<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.67<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.18<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.67<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Morningstar LSTA US Leveraged Loan Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.22%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.53%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Bank Loan Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.54%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2004-05-03
-0.0020
0.0347
0.0418
0.0367
Class C Shares - Excluding sales charges
0.0078
0.0445
0.0418
0.0367
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar LSTA US Leveraged Loan Index
0.0173
0.0622
0.0609
0.0553
Morningstar Bank Loan Category Average
0.0162
0.0600
0.0517
0.0454
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,310,827,768<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">466<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">12<span>%</span></td> </tr> </table>
1310827768
466
0.12
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Services: Business</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals, Plastics & Rubber</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronics</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">High Tech Industries</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare & Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Automobile</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">52.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.008
0.008
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.075
0.068
0.055
0.051
0.048
0.044
0.042
0.033
0.032
0.029
0.523
NYLI Floating Rate Fund
Class I
MXFIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1541_b62501c0_33da_be1a_4d70_7f8b698c02d6;">semiannual shareholder report</span> contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
36
0.0072
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364861.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5/3/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.78<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Morningstar LSTA US Leveraged Loan Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.22%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.53%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Bank Loan Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.54%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2004-05-03
0.0136
0.0566
0.0538
0.0478
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar LSTA US Leveraged Loan Index
0.0173
0.0622
0.0609
0.0553
Morningstar Bank Loan Category Average
0.0162
0.0600
0.0517
0.0454
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,310,827,768<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">466<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">12<span>%</span></td> </tr> </table>
1310827768
466
0.12
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Services: Business</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals, Plastics & Rubber</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronics</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">High Tech Industries</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare & Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Automobile</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">52.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.008
0.008
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.075
0.068
0.055
0.051
0.048
0.044
0.042
0.033
0.032
0.029
0.523
NYLI Floating Rate Fund
Class R6
MXFEX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1546_3779b533_4ebc_780c_437b_9d048e34905d">semiannual shareholder report</span> contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>32</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.64<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
32
0.0064
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364865.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2/28/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.00<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.81%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Morningstar LSTA US Leveraged Loan Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.22%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.61%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Bank Loan Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.43%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2019-02-28
0.0140
0.0574
0.0545
0.0500
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0181
Morningstar LSTA US Leveraged Loan Index
0.0173
0.0622
0.0609
0.0561
Morningstar Bank Loan Category Average
0.0162
0.0600
0.0517
0.0443
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,310,827,768<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">466<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">12<span>%</span></td> </tr> </table>
1310827768
466
0.12
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Services: Business</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals, Plastics & Rubber</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronics</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">High Tech Industries</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare & Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Automobile</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">52.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.008
0.008
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.075
0.068
0.055
0.051
0.048
0.044
0.042
0.033
0.032
0.029
0.523
NYLI Floating Rate Fund
Investor Class
MXFNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1543_6d175e22_bcbc_6aa4_0c84_4060e0ff432f;">semiannual shareholder report</span> contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
56
0.0112
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364872.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.37<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.46<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.13<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.45<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Morningstar LSTA US Leveraged Loan Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.22%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.53%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Bank Loan Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.54%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
-0.0137
0.0261
0.0446
0.0413
Investor Class Shares - Excluding sales charges
0.0116
0.0524
0.0499
0.0445
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar LSTA US Leveraged Loan Index
0.0173
0.0622
0.0609
0.0553
Morningstar Bank Loan Category Average
0.0162
0.0600
0.0517
0.0454
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,310,827,768<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">466<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">12<span>%</span></td> </tr> </table>
1310827768
466
0.12
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Services: Business</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals, Plastics & Rubber</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronics</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">High Tech Industries</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare & Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Automobile</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">52.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.008
0.008
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.075
0.068
0.055
0.051
0.048
0.044
0.042
0.033
0.032
0.029
0.523
NYLI Floating Rate Fund
SIMPLE Class
MXFMX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1544_893d2c3c_ed1e_e914_9877_57128d586706;">semiannual shareholder report</span> contains important information about NYLI Floating Rate Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>60</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
60
0.0119
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364866.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.15<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.80<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Morningstar LSTA US Leveraged Loan Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.22%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.60%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Bank Loan Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.49%</td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0112
0.0515
0.0480
0.0513
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
-0.0020
Morningstar LSTA US Leveraged Loan Index
0.0173
0.0622
0.0609
0.0660
Morningstar Bank Loan Category Average
0.0162
0.0600
0.0517
0.0549
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,310,827,768<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">466<span style="visibility: hidden; display: inline;">%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">12<span>%</span></td> </tr> </table>
1310827768
466
0.12
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Services: Business</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals, Plastics & Rubber</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronics</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">High Tech Industries</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Aerospace & Defense</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare & Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Automobile</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">52.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 5.902%-6.75%, due 3/22/30-1/31/34</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asurion LLC, 7.413%-9.017%, due 1/19/29-2/23/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AthenaHealth Group, Inc., 6.402%, due 2/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clydesdale Acquisition Holdings, Inc., 6.827%-8.75%, due 4/13/29-4/1/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Allied Universal Holdco LLC, 6.902%, due 8/20/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Genesys Cloud Services, Inc., 6.152%, due 1/30/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Clarios Global LP, 6.152%-6.402%, due 5/6/30-1/28/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Indy US Holdco LLC, 5.902%, due 10/31/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc., 5.924%, due 4/7/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Univision Communications, Inc., 7.017%-8.50%, due 1/31/29-7/31/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.008
0.008
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.007
0.075
0.068
0.055
0.051
0.048
0.044
0.042
0.033
0.032
0.029
0.523
NYLI MacKay California Muni Fund
Class A
MSCAX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_1545_77cd1195_ef42_021d_ad86_5cf4ac46499f;">semiannual shareholder report</span></span> contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
38
0.0075
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364856.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.51<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.48<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.65<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg California Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.11%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni California Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.89%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2013-02-28
-0.0151
0.0266
-0.0048
0.0165
Class A Shares - Excluding sales charges
0.0154
0.0583
0.0044
0.0212
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg California Municipal Bond Index
0.0096
0.0637
0.0086
0.0211
Morningstar Muni California Long Category Average
0.0130
0.0581
0.0045
0.0189
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,311,331,570<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">382<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
1311331570
382
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.115
0.065
0.043
0.040
0.031
0.030
0.024
0.023
0.022
0.021
0.313
0.250
0.126
0.075
0.066
0.053
0.041
0.029
0.011
0.005
0.031
NYLI MacKay California Muni Fund
Class C
MSCCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1546_44d1e3b5_2358_c28e_c242_30227594fe12;">semiannual shareholder report</span> contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>52</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
52
0.0103
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364857.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.53<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.83<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.83<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg California Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.11%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni California Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.89%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2013-02-28
0.0039
0.0453
0.0014
0.0183
Class C Shares - Excluding sales charges
0.0139
0.0553
0.0014
0.0183
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg California Municipal Bond Index
0.0096
0.0637
0.0086
0.0211
Morningstar Muni California Long Category Average
0.0130
0.0581
0.0045
0.0189
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,311,331,570<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">382<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
1311331570
382
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.115
0.065
0.043
0.040
0.031
0.030
0.024
0.023
0.022
0.021
0.313
0.250
0.126
0.075
0.066
0.053
0.041
0.029
0.011
0.005
0.031
NYLI MacKay California Muni Fund
Class C2
MCAMX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1547_28ee3a46_7a34_51c9_9dfa_ad5ebc35690b;">semiannual shareholder report</span> contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C2</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
59
0.0118
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364849.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C2 Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.37<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.01<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C2 Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.37<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.01<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg California Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni California Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.91%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C2 Shares - Including sales charges
2020-08-31
0.0032
0.0437
-0.0001
0.0055
Class C2 Shares - Excluding sales charges
0.0132
0.0537
-0.0001
0.0055
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0121
Bloomberg California Municipal Bond Index
0.0096
0.0637
0.0086
0.0107
Morningstar Muni California Long Category Average
0.0130
0.0581
0.0045
0.0091
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,311,331,570<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">382<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
1311331570
382
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.115
0.065
0.043
0.040
0.031
0.030
0.024
0.023
0.022
0.021
0.313
0.250
0.126
0.075
0.066
0.053
0.041
0.029
0.011
0.005
0.031
NYLI MacKay California Muni Fund
Class I
MCOIX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1558_0f8d9331_775b_c10c_9c8d_1b990e9e0c57;">semiannual shareholder report</span></span> contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>25</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.50<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
25
0.0050
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364858.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2/28/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.10<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.37<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg California Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.11%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni California Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.89%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2013-02-28
0.0166
0.0610
0.0067
0.0237
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg California Municipal Bond Index
0.0096
0.0637
0.0086
0.0211
Morningstar Muni California Long Category Average
0.0130
0.0581
0.0045
0.0189
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,311,331,570<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">382<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
1311331570
382
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.115
0.065
0.043
0.040
0.031
0.030
0.024
0.023
0.022
0.021
0.313
0.250
0.126
0.075
0.066
0.053
0.041
0.029
0.011
0.005
0.031
NYLI MacKay California Muni Fund
Class R6
MSODX
This <span><span><span class="sec-hidden" style="-sec-ix-hidden: t_1558_f39c555d_751f_d51b_aeec_72c05aa0c3aa;">semiannual shareholder report</span></span></span> contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>24</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.48<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
24
0.0048
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364859.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11/1/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.58<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg California Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.54%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni California Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.17%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2019-11-01
0.0167
0.0611
0.0071
0.0158
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0164
Bloomberg California Municipal Bond Index
0.0096
0.0637
0.0086
0.0154
Morningstar Muni California Long Category Average
0.0130
0.0581
0.0045
0.0117
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,311,331,570<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">382<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
1311331570
382
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.115
0.065
0.043
0.040
0.031
0.030
0.024
0.023
0.022
0.021
0.313
0.250
0.126
0.075
0.066
0.053
0.041
0.029
0.011
0.005
0.031
NYLI MacKay California Muni Fund
Investor Class
MSCVX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1560_a65cc555_b971_af6f_18fc_dcb5838c148f">semiannual shareholder report</span> contains important information about NYLI MacKay California Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
39
0.0078
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364860.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.02<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.15<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.41<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.62<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.79<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.41<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.09<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg California Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.11%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni California Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.89%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2013-02-28
-0.0102
0.0315
-0.0041
0.0162
Investor Class Shares - Excluding sales charges
0.0152
0.0579
0.0041
0.0209
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg California Municipal Bond Index
0.0096
0.0637
0.0086
0.0211
Morningstar Muni California Long Category Average
0.0130
0.0581
0.0045
0.0189
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,311,331,570<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">382<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">34<span>%</span></td> </tr> </table>
1311331570
382
0.34
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.50%, due 11/1/33-10/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Municipal Finance Authority, 3.242%-5.50%, due 7/15/29-7/1/57</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Los Angeles, 5.00%-5.50%, due 5/15/29-5/15/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">San Francisco City & County Airport Commission, 5.00%-5.75%, due 5/1/42-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">University of California, 2.50%-5.50%, due 5/15/37-5/15/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 5.00%, due 7/1/33-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/27-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sacramento City Unified School District, (zero coupon)-5.00%, due 7/1/32-8/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.25%, due 7/1/36-7/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.115
0.065
0.043
0.040
0.031
0.030
0.024
0.023
0.022
0.021
0.313
0.250
0.126
0.075
0.066
0.053
0.041
0.029
0.011
0.005
0.031
NYLI MacKay High Yield Muni Bond Fund
Class A
MMHAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1562_6005e16e_c1f5_0dab_ce2c_1893a80a2e6a;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
43
0.0086
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364850.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3/31/2010</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.13<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.70<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.88<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.05<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.18<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.42%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Muni Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.57%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2010-03-31
-0.0113
0.0367
0.0013
0.0270
Class A Shares - Excluding sales charges
0.0193
0.0688
0.0105
0.0318
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg High Yield Municipal Bond Index
0.0224
0.0563
0.0188
0.0422
High Yield Municipal Bond Composite Index
0.0186
0.0592
0.0150
0.0342
Morningstar High Yield Muni Category Average
0.0173
0.0592
0.0078
0.0257
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>9,546,893,926<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,385<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
9546893926
1385
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ohio</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Wisconsin</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.050
0.039
0.035
0.031
0.029
0.024
0.021
0.021
0.018
0.018
0.121
0.110
0.091
0.059
0.047
0.043
0.040
0.038
0.035
0.035
0.381
NYLI MacKay High Yield Muni Bond Fund
Class C
MMHDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1562_afac553b_dfad_7779_e720_363e9e391c13;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.63<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
82
0.0163
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364852.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3/31/2010</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.08<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.39<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.08<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.39<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.42%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Muni Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.57%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2010-03-31
0.0055
0.0508
0.0030
0.0239
Class C Shares - Excluding sales charges
0.0155
0.0608
0.0030
0.0239
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg High Yield Municipal Bond Index
0.0224
0.0563
0.0188
0.0422
High Yield Municipal Bond Composite Index
0.0186
0.0592
0.0150
0.0342
Morningstar High Yield Muni Category Average
0.0173
0.0592
0.0078
0.0257
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>9,546,893,926<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,385<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
9546893926
1385
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ohio</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Wisconsin</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.050
0.039
0.035
0.031
0.029
0.024
0.021
0.021
0.018
0.018
0.121
0.110
0.091
0.059
0.047
0.043
0.040
0.038
0.035
0.035
0.381
NYLI MacKay High Yield Muni Bond Fund
Class I
MMHIX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1553_035a4d6a_b3fa_c9f5_1653_44c06ef0e899">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
31
0.0061
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364853.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3/31/2010</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.43<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.22%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.42%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Muni Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.57%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2010-03-31
0.0206
0.0714
0.0131
0.0343
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg High Yield Municipal Bond Index
0.0224
0.0563
0.0188
0.0422
High Yield Municipal Bond Composite Index
0.0186
0.0592
0.0150
0.0342
Morningstar High Yield Muni Category Average
0.0173
0.0592
0.0078
0.0257
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>9,546,893,926<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,385<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
9546893926
1385
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ohio</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Wisconsin</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.050
0.039
0.035
0.031
0.029
0.024
0.021
0.021
0.018
0.018
0.121
0.110
0.091
0.059
0.047
0.043
0.040
0.038
0.035
0.035
0.381
NYLI MacKay High Yield Muni Bond Fund
Class R6
MMHEX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1554_b4fb515b_0e8a_44a0_6b52_624e7967648e">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.56<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
28
0.0056
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364851.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11/1/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.08<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.47<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.86%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.39%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Muni Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.47%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2019-11-01
0.0208
0.0730
0.0138
0.0247
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0164
Bloomberg High Yield Municipal Bond Index
0.0224
0.0563
0.0188
0.0286
High Yield Municipal Bond Composite Index
0.0186
0.0592
0.0150
0.0239
Morningstar High Yield Muni Category Average
0.0173
0.0592
0.0078
0.0147
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>9,546,893,926<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,385<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
9546893926
1385
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ohio</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Wisconsin</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.050
0.039
0.035
0.031
0.029
0.024
0.021
0.021
0.018
0.018
0.121
0.110
0.091
0.059
0.047
0.043
0.040
0.038
0.035
0.035
0.381
NYLI MacKay High Yield Muni Bond Fund
Investor Class
MMHVX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1555_ae2c83ea_5fd4_c205_265e_2ce75dd1447c;">semiannual shareholder report</span> contains important information about NYLI MacKay High Yield Muni Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>44</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
44
0.0088
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364843.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3/31/2010</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.71<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.22<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.69<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.86<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.16<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">High Yield Municipal Bond Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.86%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.42%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Muni Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.92%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.57%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2010-03-31
-0.0071
0.0419
0.0022
0.0269
Investor Class Shares - Excluding sales charges
0.0184
0.0686
0.0104
0.0316
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg High Yield Municipal Bond Index
0.0224
0.0563
0.0188
0.0422
High Yield Municipal Bond Composite Index
0.0186
0.0592
0.0150
0.0342
Morningstar High Yield Muni Category Average
0.0173
0.0592
0.0078
0.0257
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>9,546,893,926<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,385<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
9546893926
1385
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ohio</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Wisconsin</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., 4.00%-5.50%, due 10/1/30-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Public Finance Authority, (zero coupon)-9.00%, due 10/1/28-5/1/71</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-4.00%, due 7/1/33-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Pier & Exposition Authority, (zero coupon)-5.00%, due 6/15/30-12/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., (zero coupon)-5.00%, due 7/1/31-7/1/58</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, (zero coupon)-6.00%, due 12/1/27-12/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Buckeye Tobacco Settlement Financing Authority, 3.00%-5.00%, due 6/1/48-6/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Commonwealth Aqueduct & Sewer Authority, 3.50%-5.00%, due 7/1/26-7/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Electric Power Authority, (zero coupon)-7.00%, due 7/1/19-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Matching Fund Special Purpose Securitization Corp., 5.00%, due 10/1/30-10/1/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.050
0.039
0.035
0.031
0.029
0.024
0.021
0.021
0.018
0.018
0.121
0.110
0.091
0.059
0.047
0.043
0.040
0.038
0.035
0.035
0.381
NYLI MacKay Total Return Bond Fund
Class A
MTMAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1556_ca4b483a_4e4c_bc5e_983f_5d0afeb3cace;">semiannual shareholder report</span> contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
36
0.0073
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364819.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(3.84<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.34<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.79<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.26<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Intermediate Core-Plus Bond Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.69%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.74%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2004-01-02
-0.0384
-0.0034
-0.0020
0.0179
Class A Shares - Excluding sales charges
0.0069
0.0436
0.0073
0.0226
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Intermediate Core-Plus Bond Category Average
0.0069
0.0474
0.0060
0.0223
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>608,737,362<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">573<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">97<span>%</span></td> </tr> </table>
608737362
573
0.97
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.5<span>)</span><span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.135
0.116
0.049
0.037
0.023
0.015
0.015
0.015
0.009
0.009
0.334
0.289
0.227
0.096
0.030
0.021
0.018
0.000
-0.015
NYLI MacKay Total Return Bond Fund
Class C
MTMCX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1567_2640e289_4553_5b91_93e6_44ebbe9357af;">semiannual shareholder report</span></span> contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>88</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
88
0.0176
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364822.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.71<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.27<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.29<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.28<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.27<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.29<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Intermediate Core-Plus Bond Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.69%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.74%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2004-01-02
-0.0071
0.0227
-0.0029
0.0131
Class C Shares - Excluding sales charges
0.0028
0.0327
-0.0029
0.0131
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Intermediate Core-Plus Bond Category Average
0.0069
0.0474
0.0060
0.0223
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>608,737,362<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">573<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">97<span>%</span></td> </tr> </table>
608737362
573
0.97
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.5<span>)</span><span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.135
0.116
0.049
0.037
0.023
0.015
0.015
0.015
0.009
0.009
0.334
0.289
0.227
0.096
0.030
0.021
0.018
0.000
-0.015
NYLI MacKay Total Return Bond Fund
Class I
MTMIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1558_d4b8cc24_d10f_cc31_db33_c9f08e8538e4;">semiannual shareholder report</span> contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.35<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
18
0.0035
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364823.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1/2/1991</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.76<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.08<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.60<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Intermediate Core-Plus Bond Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.69%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.74%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1991-01-02
0.0098
0.0476
0.0108
0.0260
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Intermediate Core-Plus Bond Category Average
0.0069
0.0474
0.0060
0.0223
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>608,737,362<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">573<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">97<span>%</span></td> </tr> </table>
608737362
573
0.97
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.5<span>)</span><span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.135
0.116
0.049
0.037
0.023
0.015
0.015
0.015
0.009
0.009
0.334
0.289
0.227
0.096
0.030
0.021
0.018
0.000
-0.015
NYLI MacKay Total Return Bond Fund
Class R6
MTRDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1567_a518b78a_2194_a4d8_e8c4_a0ba9d1b2981;">semiannual shareholder report</span> contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.35<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
18
0.0035
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364824.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12/29/2014</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.77<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.63<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Intermediate Core-Plus Bond Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.69%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.74%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2014-12-29
0.0099
0.0477
0.0109
0.0263
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Intermediate Core-Plus Bond Category Average
0.0069
0.0474
0.0060
0.0223
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>608,737,362<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">573<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">97<span>%</span></td> </tr> </table>
608737362
573
0.97
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.5<span>)</span><span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.135
0.116
0.049
0.037
0.023
0.015
0.015
0.015
0.009
0.009
0.334
0.289
0.227
0.096
0.030
0.021
0.018
0.000
-0.015
NYLI MacKay Total Return Bond Fund
Investor Class
MTMNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1569_59a1e362_1ffe_cfb6_00ee_fe82a6908406;">semiannual shareholder report</span> contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
50
0.0101
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364820.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(3.38<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.01<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.35<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.59<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.15<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Intermediate Core-Plus Bond Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.69%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.74%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
-0.0338
-0.0001
-0.0035
0.0159
Investor Class Shares - Excluding sales charges
0.0065
0.0415
0.0047
0.0206
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Morningstar Intermediate Core-Plus Bond Category Average
0.0069
0.0474
0.0060
0.0223
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>608,737,362<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">573<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">97<span>%</span></td> </tr> </table>
608737362
573
0.97
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.5<span>)</span><span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.135
0.116
0.049
0.037
0.023
0.015
0.015
0.015
0.009
0.009
0.334
0.289
0.227
0.096
0.030
0.021
0.018
0.000
-0.015
NYLI MacKay Total Return Bond Fund
SIMPLE Class
MTMSX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1561_8b6d4207_5de4_4412_5bf3_689ad9ad3089;">semiannual shareholder report</span> contains important information about NYLI MacKay Total Return Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
45
0.0090
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364821.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.29<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Intermediate Core-Plus Bond Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.69%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.74%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.46%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0071
0.0416
0.0044
0.0029
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
-0.0020
Morningstar Intermediate Core-Plus Bond Category Average
0.0069
0.0474
0.0060
0.0046
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>608,737,362<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">573<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">97<span>%</span></td> </tr> </table>
608737362
573
0.97
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Government Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">‡</sup></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.5<span>)</span><span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">‡ <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; display: inline; padding-left: 6pt;">Less than one-tenth of a percent.</div> </td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-4.125%, due 4/30/28-2/15/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Bonds, 4.625%-4.75%, due 2/15/46-2/15/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS, 30 Year, 2.00%-6.00%, due 12/1/44-10/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, (zero coupon)-7.881%, due 7/20/44-3/16/66</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UMBS Pool, 30 Year, 2.00%-6.00%, due 9/1/51-8/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Connecticut Avenue Securities Trust, 5.345%-13.01%, due 11/25/39-2/25/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC STACR REMIC Trust, 4.995%-10.745%, due 9/25/41-1/25/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FNMA, (zero coupon)-5.00%, due 6/25/46-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC MSCR Trust, 6.295%-8.595%, due 5/25/44-3/25/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">FHLMC, (zero coupon)-4.00%, due 6/25/50-6/25/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.135
0.116
0.049
0.037
0.023
0.015
0.015
0.015
0.009
0.009
0.334
0.289
0.227
0.096
0.030
0.021
0.018
0.000
-0.015
NYLI Epoch Global Equity Yield Fund
Class A
EPSPX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1562_b2d65c73_911c_371b_7b92_c2cc77459a79;">semiannual shareholder report</span> contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
58
0.0109
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364795.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8/2/2006</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.99<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.84<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">32.90<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.20<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.45<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Global Equity Yield Composite Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.10%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Value Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2006-08-02
0.0899
0.2559
0.1093
0.0884
Class A Shares - Excluding sales charges
0.1533
0.3290
0.1220
0.0945
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Global Equity Yield Composite Index
0.0839
0.1312
0.0758
0.0810
Morningstar Global Large Stock Value Category Average
0.1255
0.2905
0.1062
0.1023
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>933,561,243<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">116<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
933561243
116
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.024
0.024
0.024
0.023
0.022
0.021
0.020
0.018
0.018
0.015
0.107
0.077
0.074
0.065
0.057
0.053
0.050
0.043
0.026
0.024
0.424
NYLI Epoch Global Equity Yield Fund
Class C
EPSKX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1567_7d7971e8_7a0d_ea5b_89d9_e7b020ca125f;">semiannual shareholder report</span> contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>98</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
98
0.0184
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364796.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11/16/2009</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.90<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.65<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.90<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.65<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Global Equity Yield Composite Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.10%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Value Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2009-11-16
0.1390
0.3093
0.1135
0.0865
Class C Shares - Excluding sales charges
0.1490
0.3193
0.1135
0.0865
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Global Equity Yield Composite Index
0.0839
0.1312
0.0758
0.0810
Morningstar Global Large Stock Value Category Average
0.1255
0.2905
0.1062
0.1023
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>933,561,243<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">116<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
933561243
116
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.024
0.024
0.024
0.023
0.022
0.021
0.020
0.018
0.018
0.015
0.107
0.077
0.074
0.065
0.057
0.053
0.050
0.043
0.026
0.024
0.424
NYLI Epoch Global Equity Yield Fund
Class I
EPSYX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1574_7cb505cc_93ee_848d_f5d3_f80fd5d50734;">semiannual shareholder report</span></span> contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
45
0.0084
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364805.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12/27/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.48<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">33.22<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.73<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Global Equity Yield Composite Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.10%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Value Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</div> </td> </tr> </table>
Class I Shares
2005-12-27
0.1548
0.3322
0.1247
0.0973
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Global Equity Yield Composite Index
0.0839
0.1312
0.0758
0.0810
Morningstar Global Large Stock Value Category Average
0.1255
0.2905
0.1062
0.1023
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>933,561,243<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">116<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
933561243
116
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.024
0.024
0.024
0.023
0.022
0.021
0.020
0.018
0.018
0.015
0.107
0.077
0.074
0.065
0.057
0.053
0.050
0.043
0.026
0.024
0.424
NYLI Epoch Global Equity Yield Fund
Class R6
EPSRX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1573_b9789ffb_9c5d_21e4_00c1_643f2d8d809a;">semiannual shareholder report</span> contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
40
0.0074
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364797.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/17/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.54<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">33.37<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.58<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.72<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Global Equity Yield Composite Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.10%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Value Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.23%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</div> </td> </tr> </table>
Class R6 Shares
2013-06-17
0.1554
0.3337
0.1258
0.0972
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Global Equity Yield Composite Index
0.0839
0.1312
0.0758
0.0810
Morningstar Global Large Stock Value Category Average
0.1255
0.2905
0.1062
0.1023
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>933,561,243<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">116<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
933561243
116
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.024
0.024
0.024
0.023
0.022
0.021
0.020
0.018
0.018
0.015
0.107
0.077
0.074
0.065
0.057
0.053
0.050
0.043
0.026
0.024
0.424
NYLI Epoch Global Equity Yield Fund
Investor Class
EPSIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1566_854df4a4_392c_4ce2_1418_b976bdcd6ef7;">semiannual shareholder report</span> contains important information about NYLI Epoch Global Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
61
0.0113
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364798.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11/16/2009</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.54<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.80<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">32.80<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.65%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Global Equity Yield Composite Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.10%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Large Stock Value Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.23%</td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2009-11-16
0.0954
0.2616
0.1098
0.0880
Investor Class Shares - Excluding sales charges
0.1530
0.3280
0.1212
0.0942
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1265
Global Equity Yield Composite Index
0.0839
0.1312
0.0758
0.0810
Morningstar Global Large Stock Value Category Average
0.1255
0.2905
0.1062
0.1023
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>933,561,243<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">116<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
933561243
116
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communications Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hewlett Packard Enterprise Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Instruments, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microchip Technology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.024
0.024
0.024
0.023
0.022
0.021
0.020
0.018
0.018
0.015
0.107
0.077
0.074
0.065
0.057
0.053
0.050
0.043
0.026
0.024
0.424
NYLI Epoch U.S. Equity Yield Fund
Class A
EPLPX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1579_6c9f24b2_3c8a_9f04_79bf_5958b31190eb">semiannual shareholder report</span> contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
55
0.0104
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364783.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/3/2009</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.49<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.01<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.51<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.64<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.22%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">U.S. Equity Yield Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.53%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Value Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.40%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.26%</td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2009-02-03
0.0538
0.1849
0.0989
0.1001
Class A Shares - Excluding sales charges
0.1151
0.2539
0.1114
0.1064
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
U.S. Equity Yield Composite Index
0.0737
0.1357
0.0764
0.0953
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1126
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,162,774,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">108<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span>%</span></td> </tr> </table>
1162774162
108
0.11
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.023
0.021
0.020
0.020
0.019
0.017
0.017
0.017
0.017
0.016
0.088
0.067
0.065
0.060
0.046
0.044
0.042
0.033
0.031
0.029
0.495
NYLI Epoch U.S. Equity Yield Fund
Class C
EPLKX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1568_88b17596_296a_7ca0_fc8d_533e495334a9;">semiannual shareholder report</span> contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>109</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.08<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
109
0.0208
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364787.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11/16/2009</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.01<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.55<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.01<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.55<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">U.S. Equity Yield Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.53%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Value Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.40%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.26%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2009-11-16
0.0994
0.2314
0.1001
0.0955
Class C Shares - Excluding sales charges
0.1094
0.2414
0.1001
0.0955
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
U.S. Equity Yield Composite Index
0.0737
0.1357
0.0764
0.0953
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1126
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,162,774,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">108<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span>%</span></td> </tr> </table>
1162774162
108
0.11
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.023
0.021
0.020
0.020
0.019
0.017
0.017
0.017
0.017
0.016
0.088
0.067
0.065
0.060
0.046
0.044
0.042
0.033
0.031
0.029
0.495
NYLI Epoch U.S. Equity Yield Fund
Class I
EPLCX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1581_9abfaf64_3b25_10b8_83ce_2c57a9967711">semiannual shareholder report</span> contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
38
0.0073
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364788.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12/3/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.84<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.49<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.97<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">U.S. Equity Yield Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.53%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Value Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.40%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.26%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2008-12-03
0.1171
0.2584
0.1149
0.1097
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
U.S. Equity Yield Composite Index
0.0737
0.1357
0.0764
0.0953
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1126
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,162,774,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">108<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span>%</span></td> </tr> </table>
1162774162
108
0.11
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.023
0.021
0.020
0.020
0.019
0.017
0.017
0.017
0.017
0.016
0.088
0.067
0.065
0.060
0.046
0.044
0.042
0.033
0.031
0.029
0.495
NYLI Epoch U.S. Equity Yield Fund
Class R6
EPLDX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1582_2c7b6449_a912_36ed_2feb_9a92979f28ec">semiannual shareholder report</span> contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
38
0.0073
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364786.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5/8/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.49<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.79<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.29%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.62%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">U.S. Equity Yield Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.03%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Value Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.40%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.42%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2017-05-08
0.1171
0.2583
0.1149
0.1079
Russell 3000®Index
0.0611
0.3101
0.1191
0.1429
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1062
U.S. Equity Yield Composite Index
0.0737
0.1357
0.0764
0.0903
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1042
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,162,774,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">108<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span>%</span></td> </tr> </table>
1162774162
108
0.11
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.023
0.021
0.020
0.020
0.019
0.017
0.017
0.017
0.017
0.016
0.088
0.067
0.065
0.060
0.046
0.044
0.042
0.033
0.031
0.029
0.495
NYLI Epoch U.S. Equity Yield Fund
Investor Class
EPLIX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1571_ca18212e_8fd6_91d7_e31c_0be12c554c3b;">semiannual shareholder report</span></span> contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>69</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.33<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
69
0.0133
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364777.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11/16/2009</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.80<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.81<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.37<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.37<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">U.S. Equity Yield Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.53%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Value Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.40%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.26%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2009-11-16
0.0580
0.1881
0.0969
0.0975
Investor Class Shares - Excluding sales charges
0.1137
0.2506
0.1083
0.1037
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1122
U.S. Equity Yield Composite Index
0.0737
0.1357
0.0764
0.0953
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1126
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,162,774,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">108<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span>%</span></td> </tr> </table>
1162774162
108
0.11
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.023
0.021
0.020
0.020
0.019
0.017
0.017
0.017
0.017
0.016
0.088
0.067
0.065
0.060
0.046
0.044
0.042
0.033
0.031
0.029
0.495
NYLI Epoch U.S. Equity Yield Fund
SIMPLE Class
EPLMX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1572_853f54d7_6468_1564_3035_8a4ed157d844">semiannual shareholder report</span> contains important information about NYLI Epoch U.S. Equity Yield Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.27<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
67
0.0127
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364778.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.15<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.24<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Value Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.38%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">U.S. Equity Yield Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.57%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.42%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Value Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.40%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.07%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with lower price-to-book ratios and lower expected growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.1138
0.2515
0.1075
0.1324
Russell 3000®Index
0.0611
0.3101
0.1191
0.1464
Russell 1000® Value Index
0.1413
0.2925
0.1029
0.1438
U.S. Equity Yield Composite Index
0.0737
0.1357
0.0764
0.0942
Morningstar Large Value Category Average
0.1140
0.2616
0.1013
0.1407
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,162,774,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">108<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span>%</span></td> </tr> </table>
1162774162
108
0.11
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electric Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electrical Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified Telecommunication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Johnson & Johnson</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cisco Systems, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Dell Technologies, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chevron Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.023
0.021
0.020
0.020
0.019
0.017
0.017
0.017
0.017
0.016
0.088
0.067
0.065
0.060
0.046
0.044
0.042
0.033
0.031
0.029
0.495
NYLI Candriam Emerging Markets Equity Fund
Class A
MCYAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1573_0ab24f3b_4bc0_458b_cc09_77b6d9514ec6;">semiannual shareholder report</span> contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.44<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
80
0.0144
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364810.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11/15/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.79<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">54.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.05<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.34<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">63.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.05<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">46.68%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.91%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Diversified Emerging Markets Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">16.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">46.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.68%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2017-11-15
0.1579
0.5416
0.0405
0.0634
Class A Shares - Excluding sales charges
0.2252
0.6313
0.0524
0.0705
MSCI Emerging Markets Index (Net)
0.1513
0.4668
0.0605
0.0691
Morningstar Diversified Emerging Markets Category Average
0.1682
0.4660
0.0595
0.0668
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>130,120,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">120<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">74<span>%</span></td> </tr> </table>
130120383
120
0.74
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">India</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Saudi Arabia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Peru</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">South Africa</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.096
0.074
0.047
0.032
0.023
0.019
0.018
0.014
0.013
0.013
0.251
0.229
0.203
0.099
0.055
0.026
0.022
0.013
0.013
0.010
0.079
NYLI Candriam Emerging Markets Equity Fund
Class C
MCYCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1574_8ddc025b_9b7d_3470_5976_22b5808442be;">semiannual shareholder report</span> contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>121</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.20<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
121
0.0220
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364811.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11/15/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">60.79<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.13<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">61.79<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.13<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">46.68%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.91%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Diversified Emerging Markets Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">16.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">46.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.68%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2017-11-15
0.2094
0.6079
0.0431
0.0613
Class C Shares - Excluding sales charges
0.2194
0.6179
0.0431
0.0613
MSCI Emerging Markets Index (Net)
0.1513
0.4668
0.0605
0.0691
Morningstar Diversified Emerging Markets Category Average
0.1682
0.4660
0.0595
0.0668
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>130,120,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">120<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">74<span>%</span></td> </tr> </table>
130120383
120
0.74
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">India</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Saudi Arabia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Peru</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">South Africa</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.096
0.074
0.047
0.032
0.023
0.019
0.018
0.014
0.013
0.013
0.251
0.229
0.203
0.099
0.055
0.026
0.022
0.013
0.013
0.010
0.079
NYLI Candriam Emerging Markets Equity Fund
Class I
MCYIX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1575_96d66d2a_353b_4603_58cc_0ecab9c2860d;">semiannual shareholder report</span></span> contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
56
0.0101
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364809.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11/15/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">63.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.43<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">46.68%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.91%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Diversified Emerging Markets Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">16.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">46.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.68%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2017-11-15
0.2274
0.6385
0.0561
0.0743
MSCI Emerging Markets Index (Net)
0.1513
0.4668
0.0605
0.0691
Morningstar Diversified Emerging Markets Category Average
0.1682
0.4660
0.0595
0.0668
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>130,120,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">120<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">74<span>%</span></td> </tr> </table>
130120383
120
0.74
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">India</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Saudi Arabia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Peru</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">South Africa</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.096
0.074
0.047
0.032
0.023
0.019
0.018
0.014
0.013
0.013
0.251
0.229
0.203
0.099
0.055
0.026
0.022
0.013
0.013
0.010
0.079
NYLI Candriam Emerging Markets Equity Fund
Class R6
MCYSX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1576_f3732dbf_967f_6e91_3dd1_d46cdf7971cc;">semiannual shareholder report</span> contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
56
0.0101
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364812.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11/15/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">63.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.43<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">46.68%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.91%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Diversified Emerging Markets Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">16.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">46.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.68%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2017-11-15
0.2267
0.6371
0.0559
0.0743
MSCI Emerging Markets Index (Net)
0.1513
0.4668
0.0605
0.0691
Morningstar Diversified Emerging Markets Category Average
0.1682
0.4660
0.0595
0.0668
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>130,120,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">120<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">74<span>%</span></td> </tr> </table>
130120383
120
0.74
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">India</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Saudi Arabia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Peru</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">South Africa</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.096
0.074
0.047
0.032
0.023
0.019
0.018
0.014
0.013
0.013
0.251
0.229
0.203
0.099
0.055
0.026
0.022
0.013
0.013
0.010
0.079
NYLI Candriam Emerging Markets Equity Fund
Investor Class
MCYVX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1585_18be247a_b651_10c0_4f1f_a517ad41b57b;">semiannual shareholder report</span> contains important information about NYLI Candriam Emerging Markets Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.45<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
80
0.0145
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364801.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11/15/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">54.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.01<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.20<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.46<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">63.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.09<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.91<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">46.68%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.91%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Diversified Emerging Markets Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">16.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">46.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.95%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.68%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2017-11-15
0.1634
0.5485
0.0401
0.0620
Investor Class Shares - Excluding sales charges
0.2246
0.6300
0.0509
0.0691
MSCI Emerging Markets Index (Net)
0.1513
0.4668
0.0605
0.0691
Morningstar Diversified Emerging Markets Category Average
0.1682
0.4660
0.0595
0.0668
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>130,120,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">120<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">74<span>%</span></td> </tr> </table>
130120383
120
0.74
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">India</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Turkey</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Argentina</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Saudi Arabia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Peru</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">South Africa</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd., 0.000-1.880%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Delta Electronics, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Construction Bank Corp., Class H</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MediaTek, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Aselsan Elektronik Sanayi ve Ticaret A/S</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.096
0.074
0.047
0.032
0.023
0.019
0.018
0.014
0.013
0.013
0.251
0.229
0.203
0.099
0.055
0.026
0.022
0.013
0.013
0.010
0.079
NYLI MacKay New York Muni Fund
Class A
MNOAX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1578_98c02432_e08e_fb07_3cff_74216d2047a2;">semiannual shareholder report</span></span> contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
38
0.0075
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364838.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5/14/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.27<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.57<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.29<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.72<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.79<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.77<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.19<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg New York Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni New York Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.48%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.87%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.46%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.91%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2012-05-14
-0.0127
0.0357
-0.0029
0.0172
Class A Shares - Excluding sales charges
0.0179
0.0677
0.0064
0.0219
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg New York Municipal Bond Index
0.0138
0.0620
0.0090
0.0207
Morningstar Muni New York Long Category Average
0.0148
0.0587
0.0046
0.0191
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,568,196,950<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">452<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">3<span>%</span></td> </tr> </table>
1568196950
452
0.03
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.087
0.077
0.058
0.042
0.038
0.033
0.032
0.028
0.027
0.026
0.437
0.134
0.132
0.098
0.058
0.056
0.026
0.009
0.002
0.001
0.047
NYLI MacKay New York Muni Fund
Class C
MNOCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1579_86ddbd04_8148_f717_c1f2_bd624e211c2c;">semiannual shareholder report</span> contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>52</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
52
0.0103
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364839.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5/14/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.91<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.91<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg New York Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni New York Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.48%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.87%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.46%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.91%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2012-05-14
0.0065
0.0547
0.0036
0.0191
Class C Shares - Excluding sales charges
0.0164
0.0647
0.0036
0.0191
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg New York Municipal Bond Index
0.0138
0.0620
0.0090
0.0207
Morningstar Muni New York Long Category Average
0.0148
0.0587
0.0046
0.0191
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,568,196,950<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">452<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">3<span>%</span></td> </tr> </table>
1568196950
452
0.03
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.087
0.077
0.058
0.042
0.038
0.033
0.032
0.028
0.027
0.026
0.437
0.134
0.132
0.098
0.058
0.056
0.026
0.009
0.002
0.001
0.047
NYLI MacKay New York Muni Fund
Class C2
MNOLX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1580_36ad6361_a61b_33cc_06fe_726fd2178f01;">semiannual shareholder report</span> contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C2</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
59
0.0118
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364841.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C2 Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.23<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C2 Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.68<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.23<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg New York Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.32%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni New York Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.48%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.87%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.46%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.00%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C2 Shares - Including sales charges
2020-08-31
0.0068
0.0531
0.0023
0.0083
Class C2 Shares - Excluding sales charges
0.0168
0.0631
0.0023
0.0083
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0121
Bloomberg New York Municipal Bond Index
0.0138
0.0620
0.0090
0.0132
Morningstar Muni New York Long Category Average
0.0148
0.0587
0.0046
0.0100
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,568,196,950<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">452<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">3<span>%</span></td> </tr> </table>
1568196950
452
0.03
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.087
0.077
0.058
0.042
0.038
0.033
0.032
0.028
0.027
0.026
0.437
0.134
0.132
0.098
0.058
0.056
0.026
0.009
0.002
0.001
0.047
NYLI MacKay New York Muni Fund
Class I
MNOIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1581_c1fb683e_8f06_1cec_8918_38dda58962d4;">semiannual shareholder report</span> contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>25</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.50<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
25
0.0050
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364840.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5/14/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.91<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.92<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.44<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg New York Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni New York Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.48%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.87%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.46%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.91%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2012-05-14
0.0191
0.0692
0.0089
0.0244
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg New York Municipal Bond Index
0.0138
0.0620
0.0090
0.0207
Morningstar Muni New York Long Category Average
0.0148
0.0587
0.0046
0.0191
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,568,196,950<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">452<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">3<span>%</span></td> </tr> </table>
1568196950
452
0.03
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.087
0.077
0.058
0.042
0.038
0.033
0.032
0.028
0.027
0.026
0.437
0.134
0.132
0.098
0.058
0.056
0.026
0.009
0.002
0.001
0.047
NYLI MacKay New York Muni Fund
Class R6
MNODX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1582_f79e6d39_62b5_f654_d163_63b3e77b4843;">semiannual shareholder report</span> contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>24</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.48<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
24
0.0048
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364842.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11/1/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.03<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.79<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg New York Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.57%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni New York Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.48%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.87%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.46%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.19%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2019-11-01
0.0203
0.0706
0.0091
0.0179
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0164
Bloomberg New York Municipal Bond Index
0.0138
0.0620
0.0090
0.0157
Morningstar Muni New York Long Category Average
0.0148
0.0587
0.0046
0.0119
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,568,196,950<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">452<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">3<span>%</span></td> </tr> </table>
1568196950
452
0.03
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.087
0.077
0.058
0.042
0.038
0.033
0.032
0.028
0.027
0.026
0.437
0.134
0.132
0.098
0.058
0.056
0.026
0.009
0.002
0.001
0.047
NYLI MacKay New York Muni Fund
Investor Class
MNOVX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1583_29776cae_c5d4_9087_50cd_f6b96794ebf3;">semiannual shareholder report</span> contains important information about NYLI MacKay New York Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
39
0.0078
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364831.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5/14/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.77<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.96<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.21<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.77<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.62<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.17<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg New York Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni New York Long Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.48%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.87%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.46%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.91%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2012-05-14
-0.0077
0.0396
-0.0021
0.0170
Investor Class Shares - Excluding sales charges
0.0177
0.0662
0.0061
0.0217
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg New York Municipal Bond Index
0.0138
0.0620
0.0090
0.0207
Morningstar Muni New York Long Category Average
0.0148
0.0587
0.0046
0.0191
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,568,196,950<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">452<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">3<span>%</span></td> </tr> </table>
1568196950
452
0.03
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Dormitory Authority, 3.00%-5.50%, due 12/1/31-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Triborough Bridge & Tunnel Authority, 3.35%-5.50%, due 1/1/32-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York Transportation Development Corp., (zero coupon)-6.00%, due 12/1/29-12/31/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Transitional Finance Authority, 4.00%-5.50%, due 7/15/38-2/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metropolitan Transportation Authority, (zero coupon)-5.00%, due 11/1/32-11/15/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Build NYC Resource Corp., 4.00%-6.00%, due 6/1/32-6/15/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Battery Park City Authority, 4.00%-5.25%, due 11/1/44-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Municipal Water Finance Authority, 4.00%-5.25%, due 6/15/45-6/15/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York City Housing Development Corp., 3.25%-5.25%, due 7/1/27-11/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York State Thruway Authority, 4.00%-5.25%, due 1/1/39-3/15/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.087
0.077
0.058
0.042
0.038
0.033
0.032
0.028
0.027
0.026
0.437
0.134
0.132
0.098
0.058
0.056
0.026
0.009
0.002
0.001
0.047
NYLI MacKay Short Term Muni Fund
Class A
MSTAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1596_b98149d9_45b8_5f9f_5553_55a7b8e259ec;">semiannual shareholder report</span> contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
33
0.0067
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective May 22, 2018, the Fund changed among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364826.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.03<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.07<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 3-Year Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.61%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Short Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.56%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2004-01-02
0.0012
0.0303
0.0125
0.0130
Class A Shares - Excluding sales charges
0.0113
0.0407
0.0145
0.0140
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg 3-Year Municipal Bond Index
0.0124
0.0412
0.0134
0.0161
Morningstar Muni National Short Category Average
0.0123
0.0390
0.0164
0.0156
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,345,913,453<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">415<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">32<span>%</span></td> </tr> </table>
1345913453
415
0.32
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">94.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Closed-End Fund</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.028
0.027
0.026
0.025
0.024
0.019
0.018
0.018
0.016
0.016
0.946
0.014
0.009
0.007
0.024
NYLI MacKay Short Term Muni Fund
Class A2
MSTUX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1593_e999aa76_b88d_82c1_ff16_b0eaca4334a8;">semiannual shareholder report</span> contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A2</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
33
0.0067
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable,<span style="white-space: nowrap;"> </span>for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364830.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A2 Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.90<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.09<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A2 Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.18<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.46<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.22%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 3-Year Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.33%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Short Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.61%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A2 Shares - Including sales charges
2020-09-30
-0.0090
0.0209
0.0104
0.0109
Class A2 Shares - Excluding sales charges
0.0113
0.0418
0.0145
0.0146
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0122
Bloomberg 3-Year Municipal Bond Index
0.0124
0.0412
0.0134
0.0133
Morningstar Muni National Short Category Average
0.0123
0.0390
0.0164
0.0161
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,345,913,453<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">415<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">32<span>%</span></td> </tr> </table>
1345913453
415
0.32
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">94.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Closed-End Fund</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.028
0.027
0.026
0.025
0.024
0.019
0.018
0.018
0.016
0.016
0.946
0.014
0.009
0.007
0.024
NYLI MacKay Short Term Muni Fund
Class I
MSTIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1594_03b7d8ef_f96c_58b3_95f0_5bf4c0efb571;">semiannual shareholder report</span> contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>20</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.40<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
20
0.0040
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective May 22, 2018, the Fund changed among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364827.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1/2/1991</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.73<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.68<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 3-Year Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.61%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Short Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.56%</td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1991-01-02
0.0126
0.0436
0.0173
0.0168
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg 3-Year Municipal Bond Index
0.0124
0.0412
0.0134
0.0161
Morningstar Muni National Short Category Average
0.0123
0.0390
0.0164
0.0156
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,345,913,453<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">415<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">32<span>%</span></td> </tr> </table>
1345913453
415
0.32
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">94.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Closed-End Fund</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.028
0.027
0.026
0.025
0.024
0.019
0.018
0.018
0.016
0.016
0.946
0.014
0.009
0.007
0.024
NYLI MacKay Short Term Muni Fund
Class R6
MSTEX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1587_6c35396d_fd15_1684_23e6_486a1d10cfe7;">semiannual shareholder report</span> contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>20</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.39<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
20
0.0039
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364828.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5/2/2022</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.27<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.48<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.14<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 3-Year Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.86%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Short Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.94%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2022-05-02
0.0127
0.0448
0.0314
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0327
Bloomberg 3-Year Municipal Bond Index
0.0124
0.0412
0.0286
Morningstar Muni National Short Category Average
0.0123
0.0390
0.0294
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,345,913,453<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">415<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">32<span>%</span></td> </tr> </table>
1345913453
415
0.32
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
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<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">94.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Closed-End Fund</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.028
0.027
0.026
0.025
0.024
0.019
0.018
0.018
0.016
0.016
0.946
0.014
0.009
0.007
0.024
NYLI MacKay Short Term Muni Fund
Investor Class
MYTBX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1588_7615cb18_50a9_fe79_27cc_a54c70d6edb9;">semiannual shareholder report</span> contains important information about NYLI MacKay Short Term Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>49</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
49
0.0099
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective May 22, 2018, the Fund changed among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the graph and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364829.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.46<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.94<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.84<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 3-Year Municipal Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.24%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.61%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Short Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.64%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.56%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0046
0.0332
0.0103
0.0094
Investor Class Shares - Excluding sales charges
0.0097
0.0384
0.0113
0.0104
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg 3-Year Municipal Bond Index
0.0124
0.0412
0.0134
0.0161
Morningstar Muni National Short Category Average
0.0123
0.0390
0.0164
0.0156
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,345,913,453<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">415<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">32<span>%</span></td> </tr> </table>
1345913453
415
0.32
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">94.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Closed-End Fund</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.74%-6.00%, due 2/1/29-11/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southern California Public Power Authority, 3.10%-5.00%, due 7/1/28-7/1/36</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of New York, 4.82%-5.00%, due 2/1/29-8/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 5.00%-5.25%, due 11/1/33-2/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 7/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">San Antonio Water System, Series A, 3.40%, due 5/1/54</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania Economic Development Financing Authority, 0.95%-5.00%, due 6/15/31-12/1/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Michigan Finance Authority, 3.75%-3.94%, due 12/1/38-12/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Jersey Higher Education Student Assistance Authority, 5.00%, due 12/1/27-12/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.028
0.027
0.026
0.025
0.024
0.019
0.018
0.018
0.016
0.016
0.946
0.014
0.009
0.007
0.024
NYLI Short Term Bond Fund
Class A
MIXAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1589_9d2d72c7_7a14_9bd8_ddee_742163a0908f;">semiannual shareholder report</span> contains important information about NYLI Short Term Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
38
0.0077
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund’s prior investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364817.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.04<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.42%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.03%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Short-Term Bond Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.43%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.43%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2004-01-02
-0.0004
0.0216
0.0156
0.0176
Class A Shares - Excluding sales charges
0.0096
0.0319
0.0176
0.0207
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Bloomberg 1-3 Year U.S. Government/Credit Bond Index
0.0134
0.0342
0.0207
0.0203
Morningstar Short-Term Bond Category Average
0.0143
0.0429
0.0237
0.0243
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81,807,739<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">106<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">210<span>%</span></td> </tr> </table>
81807739
106
2.10
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, 0.70%-5.50%, due 5/16/50-6/16/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., 4.20%, due 11/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co., 4.255%, due 10/22/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, 0.70%-5.50%, due 5/16/50-6/16/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., 4.20%, due 11/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co., 4.255%, due 10/22/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.417
0.027
0.026
0.016
0.016
0.015
0.012
0.012
0.012
0.012
0.429
0.334
0.134
0.062
0.041
NYLI Short Term Bond Fund
Class I
MIXIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1590_0f046467_9970_e9f2_958d_5fb2f6352e02;">semiannual shareholder report</span> contains important information about NYLI Short Term Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>20</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.40<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
20
0.0040
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund’s prior investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364807.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1/2/1991</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.11<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.39<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.42%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.03%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Short-Term Bond Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.43%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.43%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1991-01-02
0.0126
0.0356
0.0211
0.0239
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Bloomberg 1-3 Year U.S. Government/Credit Bond Index
0.0134
0.0342
0.0207
0.0203
Morningstar Short-Term Bond Category Average
0.0143
0.0429
0.0237
0.0243
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81,807,739<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">106<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">210<span>%</span></td> </tr> </table>
81807739
106
2.10
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, 0.70%-5.50%, due 5/16/50-6/16/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., 4.20%, due 11/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co., 4.255%, due 10/22/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, 0.70%-5.50%, due 5/16/50-6/16/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., 4.20%, due 11/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co., 4.255%, due 10/22/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.417
0.027
0.026
0.016
0.016
0.015
0.012
0.012
0.012
0.012
0.429
0.334
0.134
0.062
0.041
NYLI Short Term Bond Fund
Investor Class
MIXNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1591_bc64b506_1281_61a0_7e09_20d5ad24d9c2;">semiannual shareholder report</span> contains important information about NYLI Short Term Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
46
0.0092
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the graph and table prior to that date reflects the Fund’s prior investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364808.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.48<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.55<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.10<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.86<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.42%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.03%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Short-Term Bond Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.43%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.43%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0048
0.0259
0.0149
0.0155
Investor Class Shares - Excluding sales charges
0.0099
0.0310
0.0159
0.0186
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Bloomberg 1-3 Year U.S. Government/Credit Bond Index
0.0134
0.0342
0.0207
0.0203
Morningstar Short-Term Bond Category Average
0.0143
0.0429
0.0237
0.0243
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81,807,739<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">106<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">210<span>%</span></td> </tr> </table>
81807739
106
2.10
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, 0.70%-5.50%, due 5/16/50-6/16/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., 4.20%, due 11/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co., 4.255%, due 10/22/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, 0.70%-5.50%, due 5/16/50-6/16/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., 4.20%, due 11/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co., 4.255%, due 10/22/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.417
0.027
0.026
0.016
0.016
0.015
0.012
0.012
0.012
0.012
0.429
0.334
0.134
0.062
0.041
NYLI Short Term Bond Fund
SIMPLE Class
MIXMX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1592_c40d1f4f_44f1_802e_8960_b32c124ccd68;">semiannual shareholder report</span> contains important information about NYLI Short Term Bond Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>49</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
49
0.0099
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable,<span style="white-space: nowrap;"> </span>for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364818.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.05<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.38<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.42%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.87%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Short-Term Bond Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.43%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.37%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.26%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0096
0.0305
0.0145
0.0138
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
-0.0020
Bloomberg 1-3 Year U.S. Government/Credit Bond Index
0.0134
0.0342
0.0207
0.0187
Morningstar Short-Term Bond Category Average
0.0143
0.0429
0.0237
0.0226
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81,807,739<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">106<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">210<span>%</span></td> </tr> </table>
81807739
106
2.10
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, 0.70%-5.50%, due 5/16/50-6/16/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., 4.20%, due 11/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co., 4.255%, due 10/22/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government & Federal Agencies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mortgage-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-Backed Securities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Notes, 3.75%-3.875%, due 4/30/28-4/15/29</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">GNMA, 0.70%-5.50%, due 5/16/50-6/16/63</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">BX Trust, 5.355%-5.496%, due 4/15/41-12/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A&D Mortgage Trust, 5.699%-7.472%, due 9/25/68-11/25/69</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">UBS Group AG, 4.398%-6.327%, due 12/22/27-9/23/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays plc, 5.829%-7.385%, due 5/9/27-11/2/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Ford Motor Credit Co. LLC, 4.542%-5.73%, due 8/1/26-9/5/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., 4.20%, due 11/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Trafigura Securitisation Finance plc, Series 2024-1A, 5.98%, due 11/15/27</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co., 4.255%, due 10/22/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.417
0.027
0.026
0.016
0.016
0.015
0.012
0.012
0.012
0.012
0.429
0.334
0.134
0.062
0.041
NYLI WMC Growth Fund
Class A
KLGAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1593_bbffeeda_e632_6820_db7c_a0f0d704e48e;">semiannual shareholder report</span> contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
50
0.0101
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364771.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8/7/2006</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(7.29<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.95<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.63<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.76<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(1.89<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.81<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.84<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.40<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(1.49<span>)</span>%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.52%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2006-08-07
-0.0729
0.1795
0.0663
0.1276
Class A Shares - Excluding sales charges
-0.0189
0.2481
0.0784
0.1340
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,034,505,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
1034505990
54
0.24
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care Equipment & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Entertainment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.8<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.121
0.089
0.066
0.066
0.062
0.048
0.043
0.029
0.024
0.022
0.251
0.113
0.112
0.062
0.048
0.043
0.040
0.040
0.037
0.036
0.218
NYLI WMC Growth Fund
Class C
KLGCX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1594_2855cac0_7732_0314_aad6_ead8702a9c82">semiannual shareholder report</span> contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
101
0.0206
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364772.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/18/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(3.33<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.53<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.73<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.24<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(2.39<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">23.53<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.73<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.24<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(1.49<span>)</span>%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.52%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2013-01-18
-0.0333
0.2253
0.0673
0.1224
Class C Shares - Excluding sales charges
-0.0239
0.2353
0.0673
0.1224
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,034,505,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
1034505990
54
0.24
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care Equipment & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Entertainment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.8<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.121
0.089
0.066
0.066
0.062
0.048
0.043
0.029
0.024
0.022
0.251
0.113
0.112
0.062
0.048
0.043
0.040
0.040
0.037
0.036
0.218
NYLI WMC Growth Fund
Class I
KLGIX
This <span><span class="sec-hidden" style="-sec-ix-hidden:t_1607_4c784446_6430_fc20_e5b9_b8b13d43ceb1">semiannual shareholder report</span></span> contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
37
0.0076
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364774.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11/2/2009</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(1.76<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.15<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(1.49<span>)</span>%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.52%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2009-11-02
-0.0176
0.2516
0.0815
0.1370
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,034,505,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
1034505990
54
0.24
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care Equipment & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Entertainment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.8<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.121
0.089
0.066
0.066
0.062
0.048
0.043
0.029
0.024
0.022
0.251
0.113
0.112
0.062
0.048
0.043
0.040
0.040
0.037
0.036
0.218
NYLI WMC Growth Fund
Class R6
KLGDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1604_5e551e24_6bda_c74c_0dc7_1dad00ce2682;">semiannual shareholder report</span> contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
35
0.0071
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364773.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/26/2021</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(1.74<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.79%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(1.49<span>)</span>%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.55%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.52%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.67%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2021-04-26
-0.0174
0.2520
0.0818
0.0791
Russell 3000®Index
0.0611
0.3101
0.1191
0.1179
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1355
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.0967
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,034,505,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
1034505990
54
0.24
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care Equipment & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Entertainment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.8<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.121
0.089
0.066
0.066
0.062
0.048
0.043
0.029
0.024
0.022
0.251
0.113
0.112
0.062
0.048
0.043
0.040
0.040
0.037
0.036
0.218
NYLI WMC Growth Fund
Investor Class
KLGNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1597_ee06bc1c_ebc8_fe15_2640_7294fa64f100;">semiannual shareholder report</span> contains important information about NYLI WMC Growth Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>64</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
64
0.0131
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364775.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/18/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(6.92<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.45<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(2.02<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.46<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.54<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.09<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 1000<sup style="font-size: 10px;">®</sup> Growth Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(1.49<span>)</span>%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.82%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Growth Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.52%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">29.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.87%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2013-01-18
-0.0692
0.1824
0.0644
0.1245
Investor Class Shares - Excluding sales charges
-0.0202
0.2446
0.0754
0.1309
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 1000® Growth Index
-0.0149
0.3063
0.1382
0.1826
Morningstar Large Growth Category Average
0.0052
0.2903
0.1016
0.1587
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,034,505,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
1034505990
54
0.24
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care Equipment & Supplies</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Entertainment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.8<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.121
0.089
0.066
0.066
0.062
0.048
0.043
0.029
0.024
0.022
0.251
0.113
0.112
0.062
0.048
0.043
0.040
0.040
0.037
0.036
0.218
NYLI WMC International Research Equity Fund
Class A
MYITX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_1598_08bd0d9f_d61a_1420_90a0_abc8a90ca928;">semiannual shareholder report</span></span> contains important information about NYLI WMC International Research Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>60</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
60
0.0113
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364767.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9/28/2007</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.11<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.20<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">37.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.80<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI<sup style="font-size: 10px;">®</sup> ex USA Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">32.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.10%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.78%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net) to represent a broad measure of market performance. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI ACWI<sup style="font-size: 10px; vertical-align: top;">®</sup> ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2007-09-28
0.0664
0.2983
0.0811
0.0620
Class A Shares - Excluding sales charges
0.1285
0.3738
0.0934
0.0680
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
MSCI ACWI® ex USA Index (Net)
0.1211
0.3220
0.0838
0.0910
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.0878
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>279,735,424<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">223<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">58<span>%</span></td> </tr> </table>
279735424
223
0.58
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">British American Tobacco plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KBC Group NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Australia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">British American Tobacco plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KBC Group NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.055
0.025
0.023
0.022
0.019
0.019
0.017
0.014
0.012
0.012
0.136
0.119
0.094
0.077
0.068
0.068
0.059
0.041
0.037
0.034
0.267
NYLI WMC International Research Equity Fund
Class C
MYICX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1599_59cf63f1_6911_728a_3d1d_2575847a7723;">semiannual shareholder report</span> contains important information about NYLI WMC International Research Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
119
0.0225
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364766.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9/28/2007</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">36.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI<sup style="font-size: 10px;">®</sup> ex USA Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">32.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.10%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.78%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net) to represent a broad measure of market performance. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI ACWI<sup style="font-size: 10px; vertical-align: top;">®</sup> ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2007-09-28
0.1133
0.3500
0.0813
0.0572
Class C Shares - Excluding sales charges
0.1233
0.3600
0.0813
0.0572
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
MSCI ACWI® ex USA Index (Net)
0.1211
0.3220
0.0838
0.0910
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.0878
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>279,735,424<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">223<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">58<span>%</span></td> </tr> </table>
279735424
223
0.58
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">British American Tobacco plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KBC Group NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Australia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">British American Tobacco plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KBC Group NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.055
0.025
0.023
0.022
0.019
0.019
0.017
0.014
0.012
0.012
0.136
0.119
0.094
0.077
0.068
0.068
0.059
0.041
0.037
0.034
0.267
NYLI WMC International Research Equity Fund
Class I
MYIIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1600_c57ace8e_71a7_86ae_4f4f_64176ea673c2;">semiannual shareholder report</span> contains important information about NYLI WMC International Research Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
46
0.0086
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364768.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9/28/2007</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">37.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.08<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI<sup style="font-size: 10px;">®</sup> ex USA Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">32.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.10%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.78%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net) to represent a broad measure of market performance. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI ACWI<sup style="font-size: 10px; vertical-align: top;">®</sup> ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2007-09-28
0.1300
0.3783
0.0964
0.0708
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
MSCI ACWI® ex USA Index (Net)
0.1211
0.3220
0.0838
0.0910
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.0878
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>279,735,424<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">223<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">58<span>%</span></td> </tr> </table>
279735424
223
0.58
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">British American Tobacco plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KBC Group NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Australia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">British American Tobacco plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KBC Group NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.055
0.025
0.023
0.022
0.019
0.019
0.017
0.014
0.012
0.012
0.136
0.119
0.094
0.077
0.068
0.068
0.059
0.041
0.037
0.034
0.267
NYLI WMC International Research Equity Fund
Investor Class
MYINX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1601_f9eec08a_3a06_8599_b498_e0a0f8ae1e70;">semiannual shareholder report</span> contains important information about NYLI WMC International Research Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.50<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
79
0.0150
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. Effective March 5, 2021, the Fund replaced its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364769.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.02<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.02<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.91<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">36.87<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.51<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI<sup style="font-size: 10px;">®</sup> ex USA Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">32.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.38%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.10%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.78%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net) to represent a broad measure of market performance. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI ACWI<sup style="font-size: 10px; vertical-align: top;">®</sup> ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0702
0.3002
0.0783
0.0591
Investor Class Shares - Excluding sales charges
0.1266
0.3687
0.0895
0.0651
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
MSCI ACWI® ex USA Index (Net)
0.1211
0.3220
0.0838
0.0910
Morningstar Foreign Large Blend Category Average
0.1067
0.2663
0.0820
0.0878
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>279,735,424<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">223<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">58<span>%</span></td> </tr> </table>
279735424
223
0.58
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">British American Tobacco plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KBC Group NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Republic of Korea</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Australia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Co. Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SK hynix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TotalEnergies SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">British American Tobacco plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KBC Group NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.055
0.025
0.023
0.022
0.019
0.019
0.017
0.014
0.012
0.012
0.136
0.119
0.094
0.077
0.068
0.068
0.059
0.041
0.037
0.034
0.267
NYLI S&P 500 Index Fund
Class A
MSXAX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1610_2773461e_0e2f_679e_55e0_5795603308bf">semiannual shareholder report</span> contains important information about NYLI S&P 500 Index Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>26</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.50<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
26
0.0050
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364770.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.41<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.22<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.32<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.37<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.67<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.77%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones<sup style="font-size: 10px; vertical-align: top;">®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2004-01-02
0.0417
0.2841
0.1222
0.1432
Class A Shares - Excluding sales charges
0.0575
0.3037
0.1256
0.1467
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1377
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,053,879,311<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">509<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">1</sup></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; margin-bottom: 4pt; font-weight: normal; width: 3%; text-align: left; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; font-weight: normal; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Less than 0.5%.</div> </td> </tr> </table>
2053879311
509
0.000
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.077
0.064
0.063
0.048
0.041
0.031
0.021
0.017
0.014
0.013
0.163
0.085
0.078
0.073
0.042
0.033
0.033
0.031
0.031
0.030
0.401
NYLI S&P 500 Index Fund
Class I
MSPIX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1611_a770ce4d_2e5c_065d_d00c_1f578a80b142">semiannual shareholder report</span> contains important information about NYLI S&P 500 Index Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>13</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.25<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
13
0.0025
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364759.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1/2/1991</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.87<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.68<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.84<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.77%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones<sup style="font-size: 10px; vertical-align: top;">®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1991-01-02
0.0587
0.3068
0.1284
0.1495
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1377
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,053,879,311<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">509<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">1</sup></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; margin-bottom: 4pt; font-weight: normal; width: 3%; text-align: left; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; font-weight: normal; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Less than 0.5%.</div> </td> </tr> </table>
2053879311
509
0.000
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.077
0.064
0.063
0.048
0.041
0.031
0.021
0.017
0.014
0.013
0.163
0.085
0.078
0.073
0.042
0.033
0.033
0.031
0.031
0.030
0.401
NYLI S&P 500 Index Fund
Investor Class
MYSPX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1604_e440f501_a225_5c8e_1a39_460cd7cfe1f3">semiannual shareholder report</span> contains important information about NYLI S&P 500 Index Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
36
0.0070
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364761.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.81<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.13<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.12<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.47<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.77%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones<sup style="font-size: 10px; vertical-align: top;">®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0459
0.2881
0.1212
0.1413
Investor Class Shares - Excluding sales charges
0.0564
0.3012
0.1235
0.1447
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1377
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,053,879,311<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">509<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">1</sup></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; margin-bottom: 4pt; font-weight: normal; width: 3%; text-align: left; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; font-weight: normal; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Less than 0.5%.</div> </td> </tr> </table>
2053879311
509
0.000
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.077
0.064
0.063
0.048
0.041
0.031
0.021
0.017
0.014
0.013
0.163
0.085
0.078
0.073
0.042
0.033
0.033
0.031
0.031
0.030
0.401
NYLI S&P 500 Index Fund
SIMPLE Class
MSXMX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1605_9de8be48_2540_3a70_e0c0_b5adb968ab4d">semiannual shareholder report</span> contains important information about NYLI S&P 500 Index Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
37
0.0072
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable,<span style="white-space: nowrap;"> </span>for the same period and reflects the deduction of all sales charges, where applicable. The Fund's subadvisor changed effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which is a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC. Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC, the investment manager of the Fund. The past performance in the graph and table prior to the dates above reflects the Fund's prior subadvisors.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364762.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.63<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.21<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.30<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.39%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones<sup style="font-size: 10px; vertical-align: top;">®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0563
0.3006
0.1221
0.1430
S&P 500®Index
0.0603
0.3105
0.1314
0.1527
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1339
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,053,879,311<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">509<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span><sup style="font-size: 10px;">1</sup></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; margin-bottom: 4pt; font-weight: normal; width: 3%; text-align: left; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; font-weight: normal; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Less than 0.5%.</div> </td> </tr> </table>
2053879311
509
0.000
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Hardware, Storage & Peripherals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil, Gas & Consumable Fuels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase & Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.077
0.064
0.063
0.048
0.041
0.031
0.021
0.017
0.014
0.013
0.163
0.085
0.078
0.073
0.042
0.033
0.033
0.031
0.031
0.030
0.401
NYLI WMC Small Companies Fund
Class A
MOPAX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1606_9cbbad43_4ee7_525b_ad84_27b9d14aa54d">semiannual shareholder report</span> contains important information about NYLI WMC Small Companies Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
66
0.0120
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364760.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/2/2004</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.18<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.64<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">23.53<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">48.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.25<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 2000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">44.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.75%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Small Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.42%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">35.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.59%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.60%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 2000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2004-01-02
0.1674
0.4018
0.0514
0.0764
Class A Shares - Excluding sales charges
0.2353
0.4834
0.0633
0.0825
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 2000®Index
0.1363
0.4441
0.0575
0.1098
Morningstar Small Blend Category Average
0.1442
0.3562
0.0659
0.1060
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>323,578,302<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">140<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">43<span>%</span></td> </tr> </table>
323578302
140
0.43
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vishay Intertechnology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tower Semiconductor Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TTM Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lundin Mining Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kaiser Aluminum Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Centuri Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xometry, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hexcel Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Power Integrations, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Laureate Education, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metals & Mining</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy Equipment & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Construction & Engineering</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Trading Companies & Distributors</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vishay Intertechnology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tower Semiconductor Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TTM Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lundin Mining Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kaiser Aluminum Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Centuri Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xometry, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hexcel Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Power Integrations, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Laureate Education, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.038
0.031
0.029
0.029
0.028
0.023
0.022
0.021
0.021
0.021
0.088
0.078
0.067
0.057
0.052
0.042
0.040
0.039
0.038
0.038
0.461
NYLI WMC Small Companies Fund
Class C
MOPCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1607_b0f2e6ff_02ff_be3c_7e74_62ca565b5db8;">semiannual shareholder report</span> contains important information about NYLI WMC Small Companies Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>123</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.23<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
123
0.0223
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364764.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12/30/2002</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.91<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.81<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.15<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.91<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">46.81<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.15<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 2000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">44.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.75%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.98%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Small Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.42%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">35.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.59%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.60%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 2000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2002-12-30
0.2191
0.4581
0.0526
0.0715
Class C Shares - Excluding sales charges
0.2291
0.4681
0.0526
0.0715
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 2000®Index
0.1363
0.4441
0.0575
0.1098
Morningstar Small Blend Category Average
0.1442
0.3562
0.0659
0.1060
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>323,578,302<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">140<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">43<span>%</span></td> </tr> </table>
323578302
140
0.43
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vishay Intertechnology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tower Semiconductor Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TTM Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lundin Mining Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kaiser Aluminum Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Centuri Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xometry, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hexcel Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Power Integrations, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Laureate Education, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metals & Mining</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy Equipment & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Construction & Engineering</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Trading Companies & Distributors</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vishay Intertechnology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tower Semiconductor Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TTM Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lundin Mining Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kaiser Aluminum Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Centuri Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xometry, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hexcel Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Power Integrations, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Laureate Education, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.038
0.031
0.029
0.029
0.028
0.023
0.022
0.021
0.021
0.021
0.088
0.078
0.067
0.057
0.052
0.042
0.040
0.039
0.038
0.038
0.461
NYLI WMC Small Companies Fund
Class I
MOPIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1614_ca438df5_4dac_6341_c82b_78fde48d8946;">semiannual shareholder report</span> contains important information about NYLI WMC Small Companies Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>53</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.95<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
53
0.0095
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364753.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1/12/1987</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">23.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">48.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 2000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">44.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.75%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.98%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Small Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.42%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">35.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.59%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.60%</td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 2000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1987-01-12
0.2366
0.4869
0.0660
0.0852
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 2000®Index
0.1363
0.4441
0.0575
0.1098
Morningstar Small Blend Category Average
0.1442
0.3562
0.0659
0.1060
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>323,578,302<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">140<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">43<span>%</span></td> </tr> </table>
323578302
140
0.43
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vishay Intertechnology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tower Semiconductor Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TTM Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lundin Mining Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kaiser Aluminum Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Centuri Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xometry, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hexcel Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Power Integrations, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Laureate Education, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metals & Mining</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy Equipment & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Construction & Engineering</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Trading Companies & Distributors</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vishay Intertechnology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tower Semiconductor Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TTM Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lundin Mining Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kaiser Aluminum Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Centuri Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xometry, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hexcel Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Power Integrations, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Laureate Education, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.038
0.031
0.029
0.029
0.028
0.023
0.022
0.021
0.021
0.021
0.088
0.078
0.067
0.057
0.052
0.042
0.040
0.039
0.038
0.038
0.461
NYLI WMC Small Companies Fund
Investor Class
MOINX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1609_d17ea2f9_2f2d_3815_ec81_2979d9b4c91d;">semiannual shareholder report</span> contains important information about NYLI WMC Small Companies Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.48<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
82
0.0148
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies. Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Fund’s prior subadvisors, investment objective and principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364763.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.18<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.96<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.34<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">23.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">47.95<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.95<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 2000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">44.41%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.75%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Small Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.42%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">35.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.59%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.60%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Russell 2000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.1718
0.4055
0.0496
0.0734
Investor Class Shares - Excluding sales charges
0.2335
0.4795
0.0604
0.0795
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
Russell 2000®Index
0.1363
0.4441
0.0575
0.1098
Morningstar Small Blend Category Average
0.1442
0.3562
0.0659
0.1060
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>323,578,302<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">140<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">43<span>%</span></td> </tr> </table>
323578302
140
0.43
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vishay Intertechnology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tower Semiconductor Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TTM Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lundin Mining Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kaiser Aluminum Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Centuri Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xometry, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hexcel Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Power Integrations, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Laureate Education, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Electronic Equipment, Instruments & Components</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metals & Mining</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy Equipment & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Construction & Engineering</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Trading Companies & Distributors</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vishay Intertechnology, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tower Semiconductor Ltd.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TTM Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lundin Mining Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kaiser Aluminum Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Centuri Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xometry, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hexcel Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Power Integrations, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Laureate Education, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.038
0.031
0.029
0.029
0.028
0.023
0.022
0.021
0.021
0.021
0.088
0.078
0.067
0.057
0.052
0.042
0.040
0.039
0.038
0.038
0.461
NYLI U.S. Government Liquidity Fund
Class I
MUSXX
This <span class="sec-hidden" style="-sec-ix-hidden: t_904_66693ae7_04ab_9a12_89f5_e29b349d0dc9;">semiannual shareholder report</span> contains important information about NYLI U.S. Government Liquidity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/mutual-funds/nyli-us-government-liquidity-fund</span>. You can also request this information by contacting us at 800-624-6782.
nylim.com/mutual-funds/nyli-us-government-liquidity-fund
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>7</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.14<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
7
0.0014
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7/2/2018</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.79<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.56<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Average Lipper U.S. Government Money Market Fund<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.53%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.04%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.28%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Average Lipper U.S. Government Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the U.S. government money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited.</div> </td> </tr> </table>
Class I Shares
2018-07-02
0.0179
0.0393
0.0333
0.0256
Average Lipper U.S. Government Money Market Fund
0.0160
0.0353
0.0304
0.0228
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,001,179,928</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16</td> </tr> </table>
1001179928
16
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Debt</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.3<span>)</span><span>%</span></td> </tr> </table>
1.003
-0.003
NYLI PineStone International Equity Fund
Class A
FCIRX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1619_a1bff273_4662_c472_9e07_c57bc061ac05">semiannual shareholder report</span> contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
57
0.0114
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364736.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9/29/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(4.37<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.77<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.86<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.77<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.92%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">17.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.48%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2017-09-29
-0.0437
0.0098
0.0455
0.0777
Class A Shares - Excluding sales charges
0.0119
0.0686
0.0455
0.0777
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0792
Morningstar Foreign Large Growth Category Average
0.0401
0.1719
0.0362
0.0648
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>500,293,823<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">38<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">5<span>%</span></td> </tr> </table>
500293823
38
0.05
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.109
0.073
0.065
0.057
0.057
0.043
0.041
0.037
0.034
0.031
0.221
0.159
0.145
0.109
0.094
0.073
0.057
0.057
0.044
0.037
0.004
NYLI PineStone International Equity Fund
Class C
FCICX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1622_dd0607d3_9db2_68f7_3979_f22322593eef">semiannual shareholder report</span> contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>111</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.22<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
111
0.0222
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364738.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.35<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.68<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.21<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.68<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.21<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.72%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">17.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.80%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2023-08-28
-0.0035
0.0468
0.0721
Class C Shares - Excluding sales charges
0.0065
0.0568
0.0721
MSCI EAFE® Index (Net)
0.0998
0.2460
0.1872
Morningstar Foreign Large Growth Category Average
0.0401
0.1719
0.1380
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>500,293,823<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">38<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">5<span>%</span></td> </tr> </table>
500293823
38
0.05
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.109
0.073
0.065
0.057
0.057
0.043
0.041
0.037
0.034
0.031
0.221
0.159
0.145
0.109
0.094
0.073
0.057
0.057
0.044
0.037
0.004
NYLI PineStone International Equity Fund
Class I
FCIUX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1618_b5e6c96c_b5b2_8d80_02e7_485a87baf0dd;">semiannual shareholder report</span> contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
43
0.0085
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364739.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9/29/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.82<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.02<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.92%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">17.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.48%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2017-09-29
0.0130
0.0719
0.0482
0.0802
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0792
Morningstar Foreign Large Growth Category Average
0.0401
0.1719
0.0362
0.0648
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>500,293,823<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">38<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">5<span>%</span></td> </tr> </table>
500293823
38
0.05
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.109
0.073
0.065
0.057
0.057
0.043
0.041
0.037
0.034
0.031
0.221
0.159
0.145
0.109
0.094
0.073
0.057
0.057
0.044
0.037
0.004
NYLI PineStone International Equity Fund
Class P
FCIHX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1613_fde04992_8c9e_4330_2c5a_36fd67582d33;">semiannual shareholder report</span> contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class P</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
40
0.0080
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364737.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class P Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.74<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.72%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Blend Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">17.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.80%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class P Shares
2023-08-28
0.0134
0.0724
0.0874
MSCI EAFE® Index (Net)
0.0998
0.2460
0.1872
Morningstar Foreign Large Blend Category Average
0.0401
0.1719
0.1380
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>500,293,823<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">38<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">5<span>%</span></td> </tr> </table>
500293823
38
0.05
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.109
0.073
0.065
0.057
0.057
0.043
0.041
0.037
0.034
0.031
0.221
0.159
0.145
0.109
0.094
0.073
0.057
0.057
0.044
0.037
0.004
NYLI PineStone International Equity Fund
Class R6
FCIWX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1614_1c397834_f95f_c78f_6844_3cd0a41d3871">semiannual shareholder report</span> contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
40
0.0080
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364729.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9/29/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.21<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.92%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">17.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.62%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.48%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2017-09-29
0.0134
0.0721
0.0494
0.0818
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0792
Morningstar Foreign Large Growth Category Average
0.0401
0.1719
0.0362
0.0648
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>500,293,823<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">38<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">5<span>%</span></td> </tr> </table>
500293823
38
0.05
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.109
0.073
0.065
0.057
0.057
0.043
0.041
0.037
0.034
0.031
0.221
0.159
0.145
0.109
0.094
0.073
0.057
0.057
0.044
0.037
0.004
NYLI PineStone International Equity Fund
Investor Class
FCIKX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1615_2c58a28c_9484_3e6a_a718_9e4f1616e9f8;">semiannual shareholder report</span> contains important information about NYLI PineStone International Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>73</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.47<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
73
0.0147
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364730.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(4.02<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.99<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.03<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.72%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Foreign Large Growth Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">17.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.80%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2023-08-28
-0.0402
0.0119
0.0599
Investor Class Shares - Excluding sales charges
0.0103
0.0652
0.0803
MSCI EAFE® Index (Net)
0.0998
0.2460
0.1872
Morningstar Foreign Large Growth Category Average
0.0401
0.1719
0.1380
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>500,293,823<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">38<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">5<span>%</span></td> </tr> </table>
500293823
38
0.05
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">London Stock Exchange Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cie Financiere Richemont SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA (Registered)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Air Liquide SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LVMH Moet Hennessy Louis Vuitton SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EssilorLuxottica SA</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.109
0.073
0.065
0.057
0.057
0.043
0.041
0.037
0.034
0.031
0.221
0.159
0.145
0.109
0.094
0.073
0.057
0.057
0.044
0.037
0.004
NYLI PineStone U.S. Equity Fund
Class A
FCUEX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1616_bb826593_5523_9102_6995_7759736ae09b;">semiannual shareholder report</span> contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>49</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
49
0.0098
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25,<span style="white-space: nowrap;"> </span>2023<span style="white-space: nowrap;"> </span>is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364733.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9/30/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(2.42<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.30<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.30<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.55%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.14%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.66%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2019-09-30
-0.0242
0.0897
0.0860
0.1330
Class A Shares - Excluding sales charges
0.0326
0.1532
0.0860
0.1330
Russell 3000®Index
0.0611
0.3101
0.1191
0.1555
S&P 500®Index
0.0603
0.3105
0.1314
0.1614
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1366
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>422,668,313<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
422668313
26
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.074
0.069
0.062
0.060
0.055
0.049
0.044
0.038
0.035
0.159
0.125
0.114
0.080
0.074
0.070
0.062
0.055
0.039
0.035
0.187
NYLI PineStone U.S. Equity Fund
Class C
FCUCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1617_80d797dc_bf15_497e_2c3a_9a086d2f025a;">semiannual shareholder report</span> contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
93
0.0184
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364734.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.82<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.82<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.31%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.76%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.93%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2023-08-28
0.0182
0.1333
0.0998
Class C Shares - Excluding sales charges
0.0282
0.1433
0.0998
Russell 3000®Index
0.0611
0.3101
0.2131
S&P 500®Index
0.0603
0.3105
0.2176
Morningstar Large Blend Category Average
0.0578
0.2772
0.1893
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>422,668,313<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
422668313
26
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.074
0.069
0.062
0.060
0.055
0.049
0.044
0.038
0.035
0.159
0.125
0.114
0.080
0.074
0.070
0.062
0.055
0.039
0.035
0.187
NYLI PineStone U.S. Equity Fund
Class I
FCUIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1618_f86e839b_2b82_25ec_1c7e_b6ee7f7067c8;">semiannual shareholder report</span> contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
37
0.0073
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364723.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9/30/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.41<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.57<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.55%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.14%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.20%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">13.66%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2019-09-30
0.0341
0.1560
0.0885
0.1357
Russell 3000®Index
0.0611
0.3101
0.1191
0.1555
S&P 500®Index
0.0603
0.3105
0.1314
0.1614
Morningstar Large Blend Category Average
0.0578
0.2772
0.1120
0.1366
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>422,668,313<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
422668313
26
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.074
0.069
0.062
0.060
0.055
0.049
0.044
0.038
0.035
0.159
0.125
0.114
0.080
0.074
0.070
0.062
0.055
0.039
0.035
0.187
NYLI PineStone U.S. Equity Fund
Class P
FCUPX
This <span class="sec-hidden" style="-sec-ix-hidden:t_1628_43bf4c85_9128_2b5f_5ce7_9ab4f92cd68e">semiannual shareholder report</span> contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class P</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
31
0.0061
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364724.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class P Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.31<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.31%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.76%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.93%</td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class P Shares
2023-08-28
0.0344
0.1575
0.1131
Russell 3000®Index
0.0611
0.3101
0.2131
S&P 500®Index
0.0603
0.3105
0.2176
Morningstar Large Blend Category Average
0.0578
0.2772
0.1893
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>422,668,313<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
422668313
26
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
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<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.074
0.069
0.062
0.060
0.055
0.049
0.044
0.038
0.035
0.159
0.125
0.114
0.080
0.074
0.070
0.062
0.055
0.039
0.035
0.187
NYLI PineStone U.S. Equity Fund
Class R6
FCUDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1620_2ba10c86_b185_9ab9_99bb_7468e8cbd6ba;">semiannual shareholder report</span> contains important information about NYLI PineStone U.S. Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
31
0.0061
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364725.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.31<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.31%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.76%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Large Blend Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.72%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.93%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500<sup style="font-size: 10px; vertical-align: top;">® </sup>Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2023-08-28
0.0344
0.1575
0.1131
Russell 3000®Index
0.0611
0.3101
0.2131
S&P 500®Index
0.0603
0.3105
0.2176
Morningstar Large Blend Category Average
0.0578
0.2772
0.1893
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>422,668,313<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
422668313
26
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialty Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Interactive Media & Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Semiconductors & Semiconductor Equipment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Software</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chemicals</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Broadline Retail</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Machinery</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels, Restaurants & Leisure</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Linde plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hilton Worldwide Holdings, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.074
0.069
0.062
0.060
0.055
0.049
0.044
0.038
0.035
0.159
0.125
0.114
0.080
0.074
0.070
0.062
0.055
0.039
0.035
0.187
NYLI PineStone Global Equity Fund
Class A
FCGEX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1621_2972f0d2_b916_1b03_6f1e_aae839efbd1f;">semiannual shareholder report</span> contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
56
0.0110
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023<span style="white-space: nowrap;"> </span>is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364726.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/28/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.21<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.92<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.18<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.54<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.18<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.42%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"><span class="sec-hidden" style="-sec-ix-hidden: t_1630_623d3c8a_4ae6_18ae_6477_f8a77484dee4;">Morningstar Global Large-Stock Growth Category Average</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.82%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2017-04-28
-0.0121
0.1592
0.0816
0.1218
Class A Shares - Excluding sales charges
0.0454
0.2267
0.0816
0.1218
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1242
0.0126
0.2081
0.0591
0.1082
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43,097,274<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
43097274
30
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">70.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.112
0.107
0.056
0.052
0.048
0.048
0.047
0.047
0.038
0.035
0.706
0.107
0.052
0.045
0.038
0.023
0.014
0.014
0.001
NYLI PineStone Global Equity Fund
Class C
FCGYX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1622_9c345428_4a01_d6a7_49fb_dde6482658cd;">semiannual shareholder report</span> contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.00<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
101
0.0200
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364728.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.45<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.10<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.45<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.82%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"><span class="sec-hidden" style="-sec-ix-hidden: t_1632_b52c4b94_6158_2902_be8e_d7461bf9e65b;">Morningstar Global Large-Stock Growth Category Average</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">16.29%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2023-08-28
0.0313
0.2056
0.1245
Class C Shares - Excluding sales charges
0.0410
0.2156
0.1245
MSCI World Index (Net)
0.0683
0.2916
0.2082
0.0126
0.2081
0.1629
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43,097,274<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
43097274
30
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">70.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.112
0.107
0.056
0.052
0.048
0.048
0.047
0.047
0.038
0.035
0.706
0.107
0.052
0.045
0.038
0.023
0.014
0.014
0.001
NYLI PineStone Global Equity Fund
Class I
FCGIX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1623_0fff8012_fce0_264d_37c1_823c236629f1;">semiannual shareholder report</span></span> contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
43
0.0085
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364717.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/28/2017</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.47<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.42%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"><span class="sec-hidden" style="-sec-ix-hidden: t_1636_1a8cc4ae_0292_4524_3be2_2aa39e77c5bc;">Morningstar Global Large-Stock Growth Category Average</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.82%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2017-04-28
0.0467
0.2294
0.0844
0.1247
MSCI World Index (Net)
0.0683
0.2916
0.1129
0.1242
0.0126
0.2081
0.0591
0.1082
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43,097,274<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
43097274
30
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">70.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.112
0.107
0.056
0.052
0.048
0.048
0.047
0.047
0.038
0.035
0.706
0.107
0.052
0.045
0.038
0.023
0.014
0.014
0.001
NYLI PineStone Global Equity Fund
Class P
FCGPX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1624_55f3ebb8_adc8_78e3_faca_f8d135844129;">semiannual shareholder report</span> contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class P</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
43
0.0085
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364727.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class P Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.68<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.99<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.77<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.82%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"><span class="sec-hidden" style="-sec-ix-hidden: t_1631_199ac52c_7056_80a6_51b5_029ef227659f;">Morningstar Global Large-Stock Growth Category Average</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">16.29%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class P Shares
2023-08-28
0.0468
0.2299
0.1377
MSCI World Index (Net)
0.0683
0.2916
0.2082
0.0126
0.2081
0.1629
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43,097,274<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
43097274
30
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">70.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.112
0.107
0.056
0.052
0.048
0.048
0.047
0.047
0.038
0.035
0.706
0.107
0.052
0.045
0.038
0.023
0.014
0.014
0.001
NYLI PineStone Global Equity Fund
Class R6
FCGMX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1633_53986f78_4a19_63ca_02e1_54a7df2de8c7;">semiannual shareholder report</span> contains important information about NYLI PineStone Global Equity Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
43
0.0084
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364719.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/28/2023</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.70<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">23.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.76<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.82%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"><span class="sec-hidden" style="-sec-ix-hidden: t_1632_2357cc00_27b8_6802_45e7_802349319b56;">Morningstar Global Large-Stock Growth Category Average</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">16.29%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2023-08-28
0.0470
0.2304
0.1376
MSCI World Index (Net)
0.0683
0.2916
0.2082
0.0126
0.2081
0.1629
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43,097,274<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> </table>
43097274
30
0.07
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">70.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AutoZone, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CME Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Moody's Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyence Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">InterContinental Hotels Group plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.112
0.107
0.056
0.052
0.048
0.048
0.047
0.047
0.038
0.035
0.706
0.107
0.052
0.045
0.038
0.023
0.014
0.014
0.001
NYLI MacKay Strategic Muni Allocation Fund
Class A
MTFDX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1630_47bcedff_be9e_d6af_652b_a56fcfddb1f1;">semiannual shareholder report</span></span> contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
36
0.0072
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364854.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/28/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.48<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.56<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.57<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.43<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.82%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.90%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.33%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.72%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2019-06-28
-0.0148
0.0316
0.0050
0.0156
Class A Shares - Excluding sales charges
0.0157
0.0635
0.0143
0.0225
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0182
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0190
Morningstar Muni National Intermediate Category Average
0.0133
0.0584
0.0098
0.0172
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,648,517,542<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,353<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
2648517542
1353
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Georgia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.030
0.021
0.021
0.020
0.020
0.013
0.013
0.013
0.012
0.012
0.087
0.068
0.065
0.064
0.053
0.047
0.046
0.042
0.034
0.032
0.462
NYLI MacKay Strategic Muni Allocation Fund
Class C
MTFFX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1637_936cba93_6d7a_5ac7_2681_a853ff0eb93e;">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
51
0.0101
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364845.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/28/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.82%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.90%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.33%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.72%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2019-06-28
0.0033
0.0494
0.0104
0.0184
Class C Shares - Excluding sales charges
0.0133
0.0594
0.0104
0.0184
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0182
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0190
Morningstar Muni National Intermediate Category Average
0.0133
0.0584
0.0098
0.0172
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,648,517,542<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,353<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
2648517542
1353
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Georgia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.030
0.021
0.021
0.020
0.020
0.013
0.013
0.013
0.012
0.012
0.087
0.068
0.065
0.064
0.053
0.047
0.046
0.042
0.034
0.032
0.462
NYLI MacKay Strategic Muni Allocation Fund
Class C2
MTFMX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1638_0cc30f6f_b56f_8086_6867_a06b1360d040;">semiannual shareholder report</span></span> contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C2</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
58
0.0116
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364848.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C2 Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12/13/2022</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.38<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C2 Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.38<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.49%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.34%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.33%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.51%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C2 Shares - Including sales charges
2022-12-13
0.0036
0.0489
0.0338
Class C2 Shares - Excluding sales charges
0.0136
0.0589
0.0338
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0349
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0334
Morningstar Muni National Intermediate Category Average
0.0133
0.0584
0.0351
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,648,517,542<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,353<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
2648517542
1353
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Georgia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.030
0.021
0.021
0.020
0.020
0.013
0.013
0.013
0.012
0.012
0.087
0.068
0.065
0.064
0.053
0.047
0.046
0.042
0.034
0.032
0.462
NYLI MacKay Strategic Muni Allocation Fund
Class I
MTFGX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1629_3364fbae_637e_2b18_882b_c93b7dbf18b7;">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>24</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.47<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
24
0.0047
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364846.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/28/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.47<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.82%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr <span style="white-space: nowrap;">Blend</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.90%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Intermediate Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.33%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.72%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2019-06-28
0.0159
0.0652
0.0167
0.0247
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0182
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0190
Morningstar Muni National Intermediate Category Average
0.0133
0.0584
0.0098
0.0172
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,648,517,542<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,353<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
2648517542
1353
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Georgia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.030
0.021
0.021
0.020
0.020
0.013
0.013
0.013
0.012
0.012
0.087
0.068
0.065
0.064
0.053
0.047
0.046
0.042
0.034
0.032
0.462
NYLI MacKay Strategic Muni Allocation Fund
Class R6
MTFHX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1630_0ee4b5e3_0958_0656_2bd9_9acbf08aa8c1;">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>22</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.44<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
22
0.0044
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364844.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/28/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.72<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.50<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.82%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr <span style="white-space: nowrap;">Blend</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.90%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Intermediate Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.33%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.72%</td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2019-06-28
0.0172
0.0656
0.0170
0.0250
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0182
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0190
Morningstar Muni National Intermediate Category Average
0.0133
0.0584
0.0098
0.0172
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,648,517,542<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,353<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
2648517542
1353
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Georgia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.030
0.021
0.021
0.020
0.020
0.013
0.013
0.013
0.012
0.012
0.087
0.068
0.065
0.064
0.053
0.047
0.046
0.042
0.034
0.032
0.462
NYLI MacKay Strategic Muni Allocation Fund
Class Z
MTFZX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1641_54a08713_7082_d18f_226c_f43da3af93bd;">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the period since inception?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Z</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
31
0.0062
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364837.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class Z Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7/19/2024</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.62<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.46<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.67<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.32%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.33%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.37%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class Z Shares
2024-07-19
0.0162
0.0646
0.0367
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0332
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0365
Morningstar Muni National Intermediate Category Average
0.0133
0.0584
0.0337
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,648,517,542<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,353<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
2648517542
1353
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Georgia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.030
0.021
0.021
0.020
0.020
0.013
0.013
0.013
0.012
0.012
0.087
0.068
0.065
0.064
0.053
0.047
0.046
0.042
0.034
0.032
0.462
NYLI MacKay Strategic Muni Allocation Fund
Investor Class
MTFEX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1642_59671343_893c_fee1_fe58_4029b52416e8;">semiannual shareholder report</span> contains important information about NYLI MacKay Strategic Muni Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
38
0.0076
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the graph and table prior to this date reflects the Fund’s prior principal investment strategies.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364847.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/28/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.98<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.43<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.11<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.82%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.90%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni National Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.33%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.72%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2019-06-28
-0.0098
0.0365
0.0052
0.0143
Investor Class Shares - Excluding sales charges
0.0156
0.0631
0.0134
0.0211
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0182
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0190
Morningstar Muni National Intermediate Category Average
0.0133
0.0584
0.0098
0.0172
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,648,517,542<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">1,353<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">9<span>%</span></td> </tr> </table>
2648517542
1353
0.09
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top States</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Alabama</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Georgia</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 3.44%-5.50%, due 12/1/26-12/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chicago Board of Education, 4.00%-6.00%, due 12/1/30-12/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Hampshire Business Finance Authority, (zero coupon)-6.125%, due 4/1/30-11/1/64</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Los Angeles Department of Water & Power, 5.00%, due 7/1/28-7/1/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Main Street Natural Gas, Inc., 4.00%-5.00%, due 5/1/52-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Southeast Energy Authority A Cooperative District, 5.00%-5.50%, due 10/1/30-1/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Kentucky Public Energy Authority, 4.00%-5.25%, due 12/1/33-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.75%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California Community Choice Financing Authority, 3.902%-5.25%, due 3/1/36-4/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.030
0.021
0.021
0.020
0.020
0.013
0.013
0.013
0.012
0.012
0.087
0.068
0.065
0.064
0.053
0.047
0.046
0.042
0.034
0.032
0.462
NYLI Conservative Allocation Fund
Class A
MCKAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1144_12717587_2031_313c_7dc3_6d2fa9a574d4;">semiannual shareholder report</span> contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>19</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.38<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
19
0.0038
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364901.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.37<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.89<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.37<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.77<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.01<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.48<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.56%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.10%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.65%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2005-04-04
0.0124
0.1036
0.0337
0.0489
Class A Shares - Excluding sales charges
0.0437
0.1377
0.0401
0.0548
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Conservative Allocation Composite Index
0.0325
0.1383
0.0499
0.0656
Morningstar Global Moderately Conservative Allocation Category Average
0.0510
0.1555
0.0432
0.0565
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>363,963,776<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">33<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">21<span>%</span></td> </tr> </table>
363963776
33
0.21
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">51.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
0.377
0.517
0.097
0.009
NYLI Conservative Allocation Fund
Class C
MCKCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1153_8f78798d_b05a_d30b_a196_eb226bbe04e1;">semiannual shareholder report</span> contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2,3</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">3.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
66
0.0130
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364902.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.87<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.52<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.87<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.52<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.56%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.10%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.65%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2005-04-04
0.0287
0.1171
0.0304
0.0452
Class C Shares - Excluding sales charges
0.0387
0.1271
0.0304
0.0452
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Conservative Allocation Composite Index
0.0325
0.1383
0.0499
0.0656
Morningstar Global Moderately Conservative Allocation Category Average
0.0510
0.1555
0.0432
0.0565
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>363,963,776<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">33<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">21<span>%</span></td> </tr> </table>
363963776
33
0.21
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">51.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
0.377
0.517
0.097
0.009
NYLI Conservative Allocation Fund
Class I
MCKIX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1171_4d5d14e5_88fb_8042_6cac_c4b7267fa30e;">semiannual shareholder report</span></span> contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>7</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.13<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
7
0.0013
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364891.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.51<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.56%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.10%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.65%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2005-04-04
0.0451
0.1404
0.0426
0.0575
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Conservative Allocation Composite Index
0.0325
0.1383
0.0499
0.0656
Morningstar Global Moderately Conservative Allocation Category Average
0.0510
0.1555
0.0432
0.0565
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>363,963,776<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">33<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">21<span>%</span></td> </tr> </table>
363963776
33
0.21
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">51.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
0.377
0.517
0.097
0.009
NYLI Conservative Allocation Fund
Investor Class
MCKNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1171_3c00a085_075f_db40_b106_ed6ae30260b5;">semiannual shareholder report</span> contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2,3</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">3.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
28
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364892.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.62<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.63<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.28<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.70<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.23<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.81<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.30<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.56%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.10%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.65%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0162
0.1063
0.0328
0.0470
Investor Class Shares - Excluding sales charges
0.0423
0.1347
0.0381
0.0530
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Conservative Allocation Composite Index
0.0325
0.1383
0.0499
0.0656
Morningstar Global Moderately Conservative Allocation Category Average
0.0510
0.1555
0.0432
0.0565
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>363,963,776<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">33<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">21<span>%</span></td> </tr> </table>
363963776
33
0.21
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">51.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
0.377
0.517
0.097
0.009
NYLI Conservative Allocation Fund
SIMPLE Class
MCKSX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1180_2d10363b_f2d1_72c5_ca16_508236a1c6e4;">semiannual shareholder report</span> contains important information about NYLI Conservative Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.60<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
31
0.0060
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364893.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.51<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.71<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.25%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.60%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.10%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.67%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0424
0.1351
0.0367
0.0471
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
-0.0020
S&P 500®Index
0.0603
0.3105
0.1314
0.1527
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.1135
Conservative Allocation Composite Index
0.0325
0.1383
0.0499
0.0560
Morningstar Global Moderately Conservative Allocation Category Average
0.0510
0.1555
0.0432
0.0567
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>363,963,776<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">33<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">21<span>%</span></td> </tr> </table>
363963776
33
0.21
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">51.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table>
0.377
0.517
0.097
0.009
NYLI Equity Allocation Fund
Class A
MGXAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1189_2add5d1b_c350_a869_0ef4_870200586d6f;">semiannual shareholder report </span>contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>19</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.37<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
19
0.0037
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364886.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.63<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.25<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.77<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.28<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.87<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.71%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.44%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2005-04-04
0.0516
0.2200
0.0663
0.0925
Class A Shares - Excluding sales charges
0.0841
0.2577
0.0728
0.0987
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Equity Allocation Composite Index
0.0709
0.2956
0.1215
0.1371
Morningstar Global Aggressive Allocation Category Average
0.0844
0.2723
0.0812
0.1067
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>495,185,732<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">28<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
495185732
28
0.23
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">96.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table>
0.963
0.031
0.006
NYLI Equity Allocation Fund
Class C
MGXCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1198_9f0ad888_dbcc_9756_1856_bee726d8d24b;">semiannual shareholder report</span> contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2,3</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">3.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
67
0.0130
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364896.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.63<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.63<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.71%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.44%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2005-04-04
0.0693
0.2363
0.0630
0.0888
Class C Shares - Excluding sales charges
0.0793
0.2463
0.0630
0.0888
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Equity Allocation Composite Index
0.0709
0.2956
0.1215
0.1371
Morningstar Global Aggressive Allocation Category Average
0.0844
0.2723
0.0812
0.1067
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>495,185,732<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">28<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
495185732
28
0.23
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">96.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table>
0.963
0.031
0.006
NYLI Equity Allocation Fund
Class I
MGXIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1215_8ec68bd9_eaeb_7963_6e9b_c966bc1afd86;">semiannual shareholder report</span> contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>6</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.11<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
6
0.0011
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364888.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.56<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.11<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.15<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.71%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.44%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2005-04-04
0.0856
0.2611
0.0755
0.1015
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Equity Allocation Composite Index
0.0709
0.2956
0.1215
0.1371
Morningstar Global Aggressive Allocation Category Average
0.0844
0.2723
0.0812
0.1067
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>495,185,732<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">28<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
495185732
28
0.23
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">96.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table>
0.963
0.031
0.006
NYLI Equity Allocation Fund
Investor Class
MGXNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1231_d4428d8c_04ae_553a_bba9_3a3053beb38e;">semiannual shareholder report</span> contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2,3</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>29</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">3.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
29
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364889.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.07<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.28<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.58<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.09<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.69<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.71%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.44%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.67%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0557
0.2244
0.0655
0.0907
Investor Class Shares - Excluding sales charges
0.0828
0.2558
0.0709
0.0969
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Equity Allocation Composite Index
0.0709
0.2956
0.1215
0.1371
Morningstar Global Aggressive Allocation Category Average
0.0844
0.2723
0.0812
0.1067
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>495,185,732<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">28<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
495185732
28
0.23
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">96.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table>
0.963
0.031
0.006
NYLI Equity Allocation Fund
SIMPLE Class
MGXSX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1233_17d95183_8b0a_cb08_42be_9abfd0b8f5c2;">semiannual shareholder report</span></span> contains important information about NYLI Equity Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.59<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
31
0.0059
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364887.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.29<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.13<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.09%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.38%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.44%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.48%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0829
0.2550
0.0693
0.1013
Russell 3000®Index
0.0611
0.3101
0.1191
0.1464
S&P 500®Index
0.0603
0.3105
0.1314
0.1527
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.1135
Equity Allocation Composite Index
0.0709
0.2956
0.1215
0.1438
Morningstar Global Aggressive Allocation Category Average
0.0844
0.2723
0.0812
0.1148
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>495,185,732<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">28<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
495185732
28
0.23
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">96.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table>
0.963
0.031
0.006
NYLI Growth Allocation Fund
Class A
MGDAX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1250_e49343d7_a647_2822_100e_02e71e43f5c7;">semiannual shareholder report</span></span> contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.35<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
18
0.0035
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364874.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.08<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.96<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.04<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.65<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.36%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.31%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
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<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2005-04-04
0.0408
0.1832
0.0596
0.0804
Class A Shares - Excluding sales charges
0.0730
0.2198
0.0661
0.0865
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Growth Allocation Composite Index
0.0584
0.2417
0.0978
0.1136
Morningstar Global Moderately Aggressive Allocation Category Average
0.0888
0.2619
0.0789
0.0931
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">77.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>882,344,939<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
882344939
35
0.24
0.772
0.127
0.096
0.005
NYLI Growth Allocation Fund
Class C
MGDCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1245_0e0e5554_9577_7cb5_bd60_84d0dc6d621c;">semiannual shareholder report</span> contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2,3</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">3.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
67
0.0130
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364878.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.63<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.63<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.36%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.31%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2005-04-04
0.0585
0.1989
0.0560
0.0763
Class C Shares - Excluding sales charges
0.0685
0.2089
0.0560
0.0763
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Growth Allocation Composite Index
0.0584
0.2417
0.0978
0.1136
Morningstar Global Moderately Aggressive Allocation Category Average
0.0888
0.2619
0.0789
0.0931
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">77.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>882,344,939<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
882344939
35
0.24
0.772
0.127
0.096
0.005
NYLI Growth Allocation Fund
Class I
MGDIX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1256_74bc04b4_7e07_edcf_4f7f_2762cc8ebcb4;">semiannual shareholder report</span></span> contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>5</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.10<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
5
0.0010
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364867.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.43<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.87<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.92<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.36%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.31%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2005-04-04
0.0743
0.2231
0.0687
0.0892
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Growth Allocation Composite Index
0.0584
0.2417
0.0978
0.1136
Morningstar Global Moderately Aggressive Allocation Category Average
0.0888
0.2619
0.0789
0.0931
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">77.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>882,344,939<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
882344939
35
0.24
0.772
0.127
0.096
0.005
NYLI Growth Allocation Fund
Investor Class
MGDNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1269_9ec38ccb_d71d_a2e2_e17c_abe50c004351;">semiannual shareholder report</span> contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2,3</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">3.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
28
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364877.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.70<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.83<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.20<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.44<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.36%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.31%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0452
0.1870
0.0585
0.0783
Investor Class Shares - Excluding sales charges
0.0720
0.2175
0.0639
0.0844
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Growth Allocation Composite Index
0.0584
0.2417
0.0978
0.1136
Morningstar Global Moderately Aggressive Allocation Category Average
0.0888
0.2619
0.0789
0.0931
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">77.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>882,344,939<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
882344939
35
0.24
0.772
0.127
0.096
0.005
NYLI Growth Allocation Fund
SIMPLE Class
MGDSX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1282_1b16796c_2623_ed03_309d_61e3eccab347;">semiannual shareholder report</span> contains important information about NYLI Growth Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.58<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
30
0.0058
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364868.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.25<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.68<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.84%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.44%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.88%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.71%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0716
0.2171
0.0625
0.0868
Russell 3000®Index
0.0611
0.3101
0.1191
0.1464
S&P 500®Index
0.0603
0.3105
0.1314
0.1527
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.1135
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
-0.0020
Growth Allocation Composite Index
0.0584
0.2417
0.0978
0.1144
Morningstar Global Moderately Aggressive Allocation Category Average
0.0888
0.2619
0.0789
0.1071
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">77.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>882,344,939<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
882344939
35
0.24
0.772
0.127
0.096
0.005
NYLI Moderate Allocation Fund
Class A
MMRAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1284_54a00ea9_1d2a_4409_0628_2c31b45912df;">semiannual shareholder report</span> contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.34<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
18
0.0034
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364880.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.40<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.18<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.70<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.62<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.23<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite Index<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category Average<sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2005-04-04
0.0240
0.1418
0.0470
0.0662
Class A Shares - Excluding sales charges
0.0557
0.1771
0.0533
0.0723
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Moderate Allocation Composite Index
0.0456
0.1893
0.0739
0.0898
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
0.0740
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>803,896,013<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
803896013
35
0.24
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
0.580
0.320
0.095
0.005
NYLI Moderate Allocation Fund
Class C
MMRCX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1301_6b069fcd_e198_6009_8b6d_e2c5cc16537c;">semiannual shareholder report</span></span> contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2,3</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">3.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
66
0.0130
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364881.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.23<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.19<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.23<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index <span style="white-space: nowrap;">(Net)</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2005-04-04
0.0419
0.1566
0.0434
0.0623
Class C Shares - Excluding sales charges
0.0519
0.1666
0.0434
0.0623
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Moderate Allocation Composite Index
0.0456
0.1893
0.0739
0.0898
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
0.0740
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>803,896,013<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
803896013
35
0.24
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
0.580
0.320
0.095
0.005
NYLI Moderate Allocation Fund
Class I
MMRIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1297_11a1850d_2e7b_f8b1_849a_0497a26d9782;">semiannual shareholder report</span> contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>5</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.09<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
5
0.0009
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364882.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/4/2005</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.77<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.50<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index <span style="white-space: nowrap;">(Net)</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2005-04-04
0.0577
0.1806
0.0561
0.0750
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Moderate Allocation Composite Index
0.0456
0.1893
0.0739
0.0898
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
0.0740
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>803,896,013<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
803896013
35
0.24
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
0.580
0.320
0.095
0.005
NYLI Moderate Allocation Fund
Investor Class
MMRDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1311_6b1e9972_94a1_5e53_daf8_35a7c3efc1d6;">semiannual shareholder report</span> contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2,3</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">3.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
28
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364883.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2008</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.86<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.42<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.02<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.26%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite Index<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category Average<sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2008-02-28
0.0286
0.1450
0.0460
0.0642
Investor Class Shares - Excluding sales charges
0.0550
0.1744
0.0513
0.0702
Russell 3000®Index
0.0611
0.3101
0.1191
0.1475
S&P 500®Index
0.0603
0.3105
0.1314
0.1526
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.0885
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
Moderate Allocation Composite Index
0.0456
0.1893
0.0739
0.0898
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
0.0740
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>803,896,013<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
803896013
35
0.24
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
0.580
0.320
0.095
0.005
NYLI Moderate Allocation Fund
SIMPLE Class
MMRSX
This <span><span><span class="sec-hidden" style="-sec-ix-hidden: t_1326_677e285a_64c8_60c4_2ab4_09b233c3ea66;">semiannual shareholder report</span></span></span> contains important information about NYLI Moderate Allocation Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.58<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
30
0.0058
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364884.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.68<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.11%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite Index<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.52%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category Average<sup style="font-size: 10px;">7</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.00%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.44%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">7.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.0544
0.1739
0.0498
0.0668
Russell 3000®Index
0.0611
0.3101
0.1191
0.1464
S&P 500®Index
0.0603
0.3105
0.1314
0.1527
MSCI EAFE® Index (Net)
0.0998
0.2460
0.0883
0.1135
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
-0.0020
Moderate Allocation Composite Index
0.0456
0.1893
0.0739
0.0852
Morningstar Global Moderate Allocation Category Average
0.0800
0.2173
0.0649
0.0844
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>803,896,013<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">35<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> </table>
803896013
35
0.24
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table>
0.580
0.320
0.095
0.005
NYLI MacKay Short Duration High Income Fund
Class A
MDHAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1644_5230e7f5_4d35_2292_7284_8b0073ff36d9;">semiannual shareholder report</span> contains important information about NYLI MacKay Short Duration High Income Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.02<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
51
0.0102
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364832.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12/17/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.92<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.29<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.84<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.46<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.15<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.48<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.78<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.08%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Bond Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.16%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2012-12-17
-0.0092
0.0329
0.0384
0.0446
Class A Shares - Excluding sales charges
0.0215
0.0648
0.0447
0.0478
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index
0.0258
0.0808
0.0479
0.0541
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,929,531,688<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">455<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">18<span>%</span></td> </tr> </table>
2929531688
455
0.18
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Great Outdoors Group LLC, 6.902%, due 1/23/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Great Outdoors Group LLC, 6.902%, due 1/23/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.022
0.017
0.016
0.014
0.013
0.013
0.012
0.011
0.011
0.010
0.820
0.129
0.004
0.004
0.002
0.041
NYLI MacKay Short Duration High Income Fund
Class C
MDHCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1634_441bc963_d96e_0fec_a3ed_6e01c3a561d4;">semiannual shareholder report</span> contains important information about NYLI MacKay Short Duration High Income Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.78<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
89
0.0178
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364833.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12/17/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.93<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.87<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.93<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.08%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Bond Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.16%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2012-12-17
0.0088
0.0467
0.0365
0.0393
Class C Shares - Excluding sales charges
0.0187
0.0567
0.0365
0.0393
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index
0.0258
0.0808
0.0479
0.0541
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,929,531,688<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">455<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">18<span>%</span></td> </tr> </table>
2929531688
455
0.18
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Great Outdoors Group LLC, 6.902%, due 1/23/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Great Outdoors Group LLC, 6.902%, due 1/23/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.022
0.017
0.016
0.014
0.013
0.013
0.012
0.011
0.011
0.010
0.820
0.129
0.004
0.004
0.002
0.041
NYLI MacKay Short Duration High Income Fund
Class I
MDHIX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1635_69f15a76_d616_08c8_f5cd_f3d0be9c7218;">semiannual shareholder report</span> contains important information about NYLI MacKay Short Duration High Income Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
39
0.0078
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364834.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12/17/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.04<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.08%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Bond Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.16%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2012-12-17
0.0238
0.0674
0.0474
0.0504
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index
0.0258
0.0808
0.0479
0.0541
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,929,531,688<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">455<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">18<span>%</span></td> </tr> </table>
2929531688
455
0.18
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Great Outdoors Group LLC, 6.902%, due 1/23/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Great Outdoors Group LLC, 6.902%, due 1/23/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.022
0.017
0.016
0.014
0.013
0.013
0.012
0.011
0.011
0.010
0.820
0.129
0.004
0.004
0.002
0.041
NYLI MacKay Short Duration High Income Fund
Investor Class
MDHVX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1636_b7cc563b_4eeb_1cfe_3696_6aba44fb9b28;">semiannual shareholder report</span></span> contains important information about NYLI MacKay Short Duration High Income Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>52</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
52
0.0103
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364835.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12/17/2012</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.31<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.79<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.90<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.40<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.43<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.72<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.54%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.58%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.08%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar High Yield Bond Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">2.30%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.50%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.03%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.16%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2012-12-17
-0.0031
0.0379
0.0390
0.0440
Investor Class Shares - Excluding sales charges
0.0225
0.0645
0.0443
0.0472
Bloomberg U.S. Aggregate Bond Index
0.0054
0.0406
0.0018
0.0167
ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index
0.0258
0.0808
0.0479
0.0541
Morningstar High Yield Bond Category Average
0.0230
0.0850
0.0403
0.0516
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>2,929,531,688<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">455<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">18<span>%</span></td> </tr> </table>
2929531688
455
0.18
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Great Outdoors Group LLC, 6.902%, due 1/23/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Portfolio Composition </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Loan Assignments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible Bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred Stock</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">TransDigm, Inc., 4.625%-7.125%, due 8/15/28-12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Churchill Downs, Inc., 4.75%-5.75%, due 4/1/27-4/1/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">1011778 B.C. Unlimited Liability Co., 3.875%-6.125%, due 1/15/28-10/15/30</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Organon & Co., 4.125%-5.125%, due 4/30/28-4/30/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Talen Energy Supply LLC, 5.652%-6.153%, due 5/17/30-11/25/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">CCO Holdings LLC, 4.25%-6.375%, due 5/1/27-2/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Venture Global LNG, Inc., 7.00%-9.50%, due 6/1/28-6/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc., 3.75%-6.50%, due 5/15/27-1/15/28</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Great Outdoors Group LLC, 6.902%, due 1/23/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cloud Software Group, Inc., 6.50%-6.95%, due 3/31/29-8/16/32</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.022
0.017
0.016
0.014
0.013
0.013
0.012
0.011
0.011
0.010
0.820
0.129
0.004
0.004
0.002
0.041
NYLI MacKay Arizona Muni Fund
Class A
AZTAX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1637_5785ceca_15d2_5c14_8f91_0773209688e8;">semiannual shareholder report</span> contains important information about NYLI MacKay Arizona Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
40
0.0080
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364720.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7/22/2024</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.32<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.05<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.79<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.74<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.55<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.32%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.07%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2024-07-22
-0.0132
0.0305
0.0179
Class A Shares - Excluding sales charges
0.0174
0.0624
0.0355
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0332
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0365
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0307
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>132,227,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">100<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
132227162
100
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Glendale, 5.00%, due 7/1/38-7/1/41</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utility</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Glendale, 5.00%, due 7/1/38-7/1/41</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.107
0.064
0.052
0.044
0.041
0.037
0.032
0.032
0.031
0.024
0.489
0.248
0.097
0.056
0.032
0.024
0.021
0.001
0.018
0.014
NYLI MacKay Arizona Muni Fund
Class C
AZTCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1638_42306c22_3611_bdb3_5cad_4832ec88fc0c;">semiannual shareholder report</span> contains important information about NYLI MacKay Arizona Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
55
0.0110
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364718.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/1/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.49<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.02<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.02<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
1996-04-01
0.0049
0.049
0.0002
0.0084
Class C Shares - Excluding sales charges
0.0149
0.0594
0.0002
0.0084
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>132,227,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">100<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
132227162
100
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Glendale, 5.00%, due 7/1/38-7/1/41</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utility</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Glendale, 5.00%, due 7/1/38-7/1/41</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.107
0.064
0.052
0.044
0.041
0.037
0.032
0.032
0.031
0.024
0.489
0.248
0.097
0.056
0.032
0.024
0.021
0.001
0.018
0.014
NYLI MacKay Arizona Muni Fund
Class I
AZTYX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1640_e4a58ca6_1096_5d9b_0b9e_5765d3512651;">semiannual shareholder report</span> contains important information about NYLI MacKay Arizona Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
28
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364721.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/1/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1996-04-01
0.0176
0.0639
0.0083
0.0176
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>132,227,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">100<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
132227162
100
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Glendale, 5.00%, due 7/1/38-7/1/41</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utility</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Glendale, 5.00%, due 7/1/38-7/1/41</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.107
0.064
0.052
0.044
0.041
0.037
0.032
0.032
0.031
0.024
0.489
0.248
0.097
0.056
0.032
0.024
0.021
0.001
0.018
0.014
NYLI MacKay Arizona Muni Fund
Class Z
AZTFX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1644_fff41744_0745_f26f_0a5b_f773b42e52c2;">semiannual shareholder report</span> contains important information about NYLI MacKay Arizona Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Z</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
37
0.0074
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364722.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class Z Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3/13/1986</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.38<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.03<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class Z Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.22<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.61<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class Z Shares - Including sales charges
1986-03-13
-0.0138
0.0303
0.0008
0.0130
Class Z Shares - Excluding sales charges
0.0167
0.0622
0.0069
0.0161
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>132,227,162<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">100<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">19<span>%</span></td> </tr> </table>
132227162
100
0.19
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Glendale, 5.00%, due 7/1/38-7/1/41</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utility</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Arizona Industrial Development Authority, 2.12%-6.25%, due 11/1/28-1/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County Industrial Development Authority, 4.00%-5.00%, due 1/1/32-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Development Authority of the City of Phoenix Arizona (The), 3.10%-5.00%, due 7/1/36-2/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Maricopa County & Phoenix Industrial Development Authorities, 5.75%-6.50%, due 3/1/55-9/1/56</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Peoria, 2.00%-3.375%, due 7/15/32-7/15/39</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pima County Unified School District No. 1, 5.00%, due 7/1/34-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Chandler Industrial Development Authority, 4.00%-5.00%, due 6/1/49-9/1/52</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Goodyear, 3.00%-5.00%, due 1/1/27-7/1/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Glendale, 5.00%, due 7/1/38-7/1/41</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Maricopa County Pollution Control Corp., Series A, 3.60%, due 2/1/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.107
0.064
0.052
0.044
0.041
0.037
0.032
0.032
0.031
0.024
0.489
0.248
0.097
0.056
0.032
0.024
0.021
0.001
0.018
0.014
NYLI MacKay Utah Muni Fund
Class A
UTAVX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1641_bb8af8a1_3a47_6726_a161_65273fb0568d;">semiannual shareholder report</span> contains important information about NYLI MacKay Utah Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
40
0.0080
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364708.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7/22/2024</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.05<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.55<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.05<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.76<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.81<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.32%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.07%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2024-07-22
-0.0105
0.0355
0.0205
Class A Shares - Excluding sales charges
0.0201
0.0676
0.0381
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0332
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0365
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0307
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>200,101,595<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">161<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">15<span>%</span></td> </tr> </table>
200101595
161
0.15
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.079
0.054
0.039
0.039
0.035
0.033
0.023
0.022
0.020
0.421
0.133
0.117
0.072
0.069
0.047
0.047
0.046
0.033
0.012
0.003
NYLI MacKay Utah Muni Fund
Class C
UTACX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1642_b8dbe91a_cebe_cc5b_ffdf_67af8d11fd1a;">semiannual shareholder report</span> contains important information about NYLI MacKay Utah Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
55
0.0110
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364709.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5/21/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
1996-05-21
0.0075
0.0533
0.0006
0.0089
Class C Shares - Excluding sales charges
0.0175
0.0633
0.0006
0.0089
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>200,101,595<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">161<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">15<span>%</span></td> </tr> </table>
200101595
161
0.15
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.079
0.054
0.039
0.039
0.035
0.033
0.023
0.022
0.020
0.421
0.133
0.117
0.072
0.069
0.047
0.047
0.046
0.033
0.012
0.003
NYLI MacKay Utah Muni Fund
Class I
UTAYX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1652_dd8de94d_dc91_1c3d_569d_1ad5f5b88e76;">semiannual shareholder report</span> contains important information about NYLI MacKay Utah Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
28
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364710.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5/21/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.82<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1996-05-21
0.0213
0.0700
0.0093
0.0182
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>200,101,595<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">161<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">15<span>%</span></td> </tr> </table>
200101595
161
0.15
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.079
0.054
0.039
0.039
0.035
0.033
0.023
0.022
0.020
0.421
0.133
0.117
0.072
0.069
0.047
0.047
0.046
0.033
0.012
0.003
NYLI MacKay Utah Muni Fund
Class Z
UTAHX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1651_9d4b1bf4_4d98_91de_da69_f4fbb246bffd;">semiannual shareholder report</span> contains important information about NYLI MacKay Utah Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Z</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
40
0.0080
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund For Utah (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364699.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class Z Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7/24/1992</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.15<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class Z Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.91<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.60<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class Z Shares - Including sales charges
1992-07-24
-0.0115
0.0345
0.0008
0.0130
Class Z Shares - Excluding sales charges
0.0191
0.0665
0.0069
0.0160
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>200,101,595<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">161<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">15<span>%</span></td> </tr> </table>
200101595
161
0.15
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Charter School Finance Authority, 3.00%-5.85%, due 4/15/29-10/15/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Housing Corp., 2.65%-6.75%, due 7/1/32-7/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utah Infrastructure Agency, 4.00%-5.50%, due 10/15/30-10/15/48</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermountain Power Agency, 5.00%-5.25%, due 7/1/35-7/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Downtown Revitalization Public Infrastructure District, 5.00%-5.25%, due 6/1/31-6/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Salt Lake City, 5.00%-5.25%, due 7/1/38-7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tennessee Energy Acquisition Corp., 5.00%, due 11/1/34-5/1/53</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Houston, 5.25%-5.50%, due 7/15/38-7/1/43</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington State Housing Finance Commission, 3.685%-3.812%, due 11/20/41-3/1/50</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">County of Weber, 5.50%-5.75%, due 1/15/28-1/15/33</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.114
0.079
0.054
0.039
0.039
0.035
0.033
0.023
0.022
0.020
0.421
0.133
0.117
0.072
0.069
0.047
0.047
0.046
0.033
0.012
0.003
NYLI MacKay Oregon Muni Fund
Class A
ORTBX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1655_802e39c0_b292_2680_c7f6_c02258fef7b5;">semiannual shareholder report</span> contains important information about NYLI MacKay Oregon Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
40
0.0080
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364715.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7/22/2024</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.55<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.72<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.32%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.07%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2024-07-22
-0.0155
0.0272
0.0113
Class A Shares - Excluding sales charges
0.0150
0.0589
0.0288
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0332
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0365
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0307
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>270,354,882<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">155<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
270354882
155
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metro, 4.00%-5.00%, due 6/1/26-6/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metro, 4.00%-5.00%, due 6/1/26-6/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.102
0.047
0.042
0.041
0.035
0.035
0.035
0.028
0.027
0.027
0.459
0.276
0.104
0.066
0.054
0.015
0.004
0.005
0.017
NYLI MacKay Oregon Muni Fund
Class C
ORTCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1652_094e4c48_678e_ac8d_6e61_d156f67b0abe;">semiannual shareholder report</span> contains important information about NYLI MacKay Oregon Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
55
0.0110
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364716.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/5/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.26<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.42<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.26<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.42<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
1996-04-05
0.0035
0.0459
-0.0026
0.0042
Class C Shares - Excluding sales charges
0.0135
0.0559
-0.0026
0.0042
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>270,354,882<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">155<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
270354882
155
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metro, 4.00%-5.00%, due 6/1/26-6/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metro, 4.00%-5.00%, due 6/1/26-6/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.102
0.047
0.042
0.041
0.035
0.035
0.035
0.028
0.027
0.027
0.459
0.276
0.104
0.066
0.054
0.015
0.004
0.005
0.017
NYLI MacKay Oregon Muni Fund
Class I
ORTYX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1647_2426cd08_0070_647e_2ad3_e7f2b22b7237;">semiannual shareholder report</span> contains important information about NYLI MacKay Oregon Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
28
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364706.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/5/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.62<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.58<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1996-04-05
0.0162
0.0617
0.0058
0.0135
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>270,354,882<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">155<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
270354882
155
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metro, 4.00%-5.00%, due 6/1/26-6/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metro, 4.00%-5.00%, due 6/1/26-6/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.102
0.047
0.042
0.041
0.035
0.035
0.035
0.028
0.027
0.027
0.459
0.276
0.104
0.066
0.054
0.015
0.004
0.005
0.017
NYLI MacKay Oregon Muni Fund
Class Z
ORTFX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1648_5b2b9dd1_84b3_437f_bf6f_2c4020fdf79c;">semiannual shareholder report</span> contains important information about NYLI MacKay Oregon Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Z</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
36
0.0071
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364707.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class Z Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/1/1986</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.60<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.72<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class Z Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.41<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class Z Shares - Including sales charges
1986-06-01
-0.0160
0.0272
-0.0020
0.0088
Class Z Shares - Excluding sales charges
0.0144
0.0589
0.0041
0.0118
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>270,354,882<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">155<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">8<span>%</span></td> </tr> </table>
270354882
155
0.08
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metro, 4.00%-5.00%, due 6/1/26-6/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">State of Oregon, 2.15%-6.25%, due 12/1/34-12/1/59</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Washington & Clackamas Counties School District No. 23J, 5.00%, due 6/15/30-6/15/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tri-County Metropolitan Transportation District of Oregon, 3.00%-5.00%, due 10/1/27-9/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Port of Portland, 5.00%-5.25%, due 7/1/35-7/1/44</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oregon State Facilities Authority, 3.30%-5.00%, due 6/1/30-10/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oregon Health & Science University, Series B-2, 5.00%, due 7/1/46</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Portland, 2.00%-5.00%, due 6/15/29-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Deschutes & Jefferson Counties School District No. 2J, 5.00%, due 6/15/35-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Metro, 4.00%-5.00%, due 6/1/26-6/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Jackson County School District No. 5, 5.00%, due 6/15/33-6/15/42</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.102
0.047
0.042
0.041
0.035
0.035
0.035
0.028
0.027
0.027
0.459
0.276
0.104
0.066
0.054
0.015
0.004
0.005
0.017
NYLI MacKay Colorado Muni Fund
Class A
COTAX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_1650_8c1d6e0e_d079_47e0_57b1_26b63b010547;">semiannual shareholder report</span></span> contains important information about NYLI MacKay Colorado Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
40
0.0080
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364711.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7/22/2024</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.45<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.80<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.05<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.32%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.07%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2024-07-22
-0.0145
0.0280
0.0131
Class A Shares - Excluding sales charges
0.0160
0.0598
0.0305
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0332
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0365
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0307
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>108,471,479<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">105<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
108471479
105
0.23
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Authority for Colorado Energy, 6.50%, due 11/15/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Midcities Metropolitan District No. 2, 5.00%, due 12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">39.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Authority for Colorado Energy, 6.50%, due 11/15/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Midcities Metropolitan District No. 2, 5.00%, due 12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.077
0.055
0.048
0.033
0.031
0.027
0.024
0.024
0.024
0.023
0.394
0.224
0.108
0.087
0.066
0.064
0.018
0.022
0.017
NYLI MacKay Colorado Muni Fund
Class C
COTCX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1660_c2fb2d10_9939_8179_6057_f005c22485c6;">semiannual shareholder report</span> contains important information about NYLI MacKay Colorado Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
55
0.0110
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364712.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4/30/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.46<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.17<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.38<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.46<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.17<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.38<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
1996-04-30
0.0046
0.0469
-0.0017
0.0038
Class C Shares - Excluding sales charges
0.0146
0.0569
-0.0017
0.0038
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>108,471,479<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">105<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
108471479
105
0.23
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Authority for Colorado Energy, 6.50%, due 11/15/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Midcities Metropolitan District No. 2, 5.00%, due 12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">39.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Authority for Colorado Energy, 6.50%, due 11/15/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Midcities Metropolitan District No. 2, 5.00%, due 12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.077
0.055
0.048
0.033
0.031
0.027
0.024
0.024
0.024
0.023
0.394
0.224
0.108
0.087
0.066
0.064
0.018
0.022
0.017
NYLI MacKay Colorado Muni Fund
Class I
COTYX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1657_b558ef57_e74f_964c_256a_cf3c2101cddb;">semiannual shareholder report</span> contains important information about NYLI MacKay Colorado Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
28
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364713.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4/30/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.73<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.24<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr Blend<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category Average<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1996-04-30
0.0173
0.0624
0.0069
0.0131
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>108,471,479<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">105<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
108471479
105
0.23
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Authority for Colorado Energy, 6.50%, due 11/15/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Midcities Metropolitan District No. 2, 5.00%, due 12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">39.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Authority for Colorado Energy, 6.50%, due 11/15/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Midcities Metropolitan District No. 2, 5.00%, due 12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.077
0.055
0.048
0.033
0.031
0.027
0.024
0.024
0.024
0.023
0.394
0.224
0.108
0.087
0.066
0.064
0.018
0.022
0.017
NYLI MacKay Colorado Muni Fund
Class Z
COTFX
This <span class="sec-hidden" style="-sec-ix-hidden: t_1519_c9286c6b_d229_9157_9c51_245679214344;">semiannual shareholder report</span> contains important information about NYLI MacKay Colorado Muni Fund (the "Fund") for the period November 1, 2025 to April 30, 2026.
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Z</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table>
34
0.0068
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As the accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g104225chartimages_5364714.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class Z Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5/21/1987</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.38<span>)</span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.95<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.00<span></span><span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.94<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class Z Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.34%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.90%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.20%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index 1-15 Yr <span style="white-space: nowrap;">Blend</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.07%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.98%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">1.21%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Muni Single State Intermediate Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.45%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.96%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">0.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">1.50%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class Z Shares - Including sales charges
1987-05-21
-0.0138
0.0295
0.0000
0.0094
Class Z Shares - Excluding sales charges
0.0167
0.0613
0.0061
0.0124
Bloomberg Municipal Bond Index
0.0129
0.0634
0.0090
0.0220
Bloomberg Municipal Bond Index 1-15 Yr Blend
0.0107
0.0598
0.0121
0.0212
Morningstar Muni Single State Intermediate Category Average
0.0145
0.0596
0.0056
0.0150
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>108,471,479<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">105<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">23<span>%</span></td> </tr> </table>
108471479
105
0.23
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Authority for Colorado Energy, 6.50%, due 11/15/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Midcities Metropolitan District No. 2, 5.00%, due 12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other Revenue</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">39.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">General Obligation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Certificate of Participation/Lease</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hospital</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water & Sewer</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Health Facilities Authority, 3.35%-5.25%, due 11/1/28-11/15/60</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado Housing and Finance Authority, 2.10%-6.25%, due 11/1/35-5/1/55</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City & County of Denver, 4.00%-5.75%, due 11/15/31-11/15/40</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Authority for Colorado Energy, 6.50%, due 11/15/38</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denver City & County School District No. 1, 3.00%-5.50%, due 12/1/43-12/1/47</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Adams County School District No. 14, 5.00%-5.50%, due 12/1/34-12/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">City of Colorado Springs, 3.15%-5.00%, due 11/15/40-12/1/45</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Commonwealth of Puerto Rico, (zero coupon)-5.625%, due 7/1/27-11/1/51</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Midcities Metropolitan District No. 2, 5.00%, due 12/1/31</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Black Belt Energy Gas District, 5.00%, due 7/1/28-10/1/35</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.077
0.055
0.048
0.033
0.031
0.027
0.024
0.024
0.024
0.023
0.394
0.224
0.108
0.087
0.066
0.064
0.018
0.022
0.017
The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Not annualized.
The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of California investment-grade, tax-exempt, fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Annualized.
Not annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.
The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.
Excluding short-term investments
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal High Yield Bond Index, which is generally representative of the market sectors or type of investments in which the Fund invests, is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.
The High Yield Municipal Bond Composite Index, which is generally representative of the market sectors or type of investments in which the Fund invests, consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40%, respectively.
The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
Less than one-tenth of a percent.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.
Excluding short-term investments
The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.
Excluding short-term investments
Excluding short-term investments
The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).
Morningstar Global Large Stock Value Category Average portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. Global large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).
Not annualized.
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The U.S. Equity Yield Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).
The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected MSCI Emerging Markets Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
Excluding short-term investments
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.
The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These funds have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity range of 2-4 years.
The Morningstar Muni National Short Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from these bonds is generally free from federal taxes and/or from state taxes in the issuing state. To lower risk, some of these funds spread their assets across many states and sectors. Other funds buy bonds from only one state in order to get the state-tax benefit. These funds have durations of less than 4.5 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.
The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.
The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar Global Large Stock Growth Category Average is representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These funds are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.
The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Bloomberg 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.
The Morningstar Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
Excluding short-term investments
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
Annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The MSCI ACWI® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.
Not annualized.
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The MSCI ACWI® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The MSCI ACWI® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The MSCI ACWI® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the S&P 500® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Less than 0.5%.
Excluding short-term investments
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the S&P 500® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Less than 0.5%.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the S&P 500® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Less than 0.5%.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the S&P 500® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Less than 0.5%.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 2000® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 2000® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Annualized.
Not annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 2000® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 2000® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
Annualized.
Not annualized.
The Average Lipper U.S. Government Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the U.S. government money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Annualized.
Not annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The Morningstar Global Large-Stock Growth Category Average is a representative of funds that invest in a variety of international stocks and typically skew towards large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe's emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Annualized.
Not annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligations, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni National Intermediate Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds spread their assets across many states and sectors. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
Excluding short-term investments
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
Not annualized.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Annualized.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
Not annualized.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Fund has selected the MSCI EAFE® Index (Net) to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
Not annualized.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests, generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.
The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excluding short-term investments
Not annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Mid-Cap Growth Category Average is representative of funds that invest primarily in U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.
The Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests, covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
The Morningstar Muni Single State Intermediate Category Average is representative of funds that invest in bonds issued by state and local governments to fund public projects. The income from such bonds is generally free from federal taxes and from state taxes in the issuing state. To get the state-tax benefit, these funds buy bonds from only one state. These funds have durations of 4.0 to 6.0 years (or average maturities of five to 12 years). Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Not annualized.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 1000® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
The Bloomberg U.S. Intermediate Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.
The Balanced Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.
The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Annualized.
Excluding short-term investments
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Annualized.
Not annualized.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.
The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments