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50363 15000 24772 12467 12021 23206 21036 38033 15173 15935 13619 11615 12130 26361 15789 10000 9450 23803 15247 15345 15345 9923 7186 23063 10000 39888 11769 36217 13542 9698 17590 47367 12895 10086 10582 10255 40876 13008 10000 11620 19218 10000 10589 11520 15900 10691 18024 33575 10000 13591 10624 10230 10115 14873 36491 24144 20313 17369 19558 10000 10624 10230 14222 9215 9902 22398 10806 25355 19489 15000 11599 41874 32166 31148 14175 15000 17430 9902 9068 33397 17109 17654 15935 10567 15000 29194 23856 16584 17813 28683 18137 18939 10086 17279 15129 61314 32821 6891 10173 20820 26480 30516 15173 24383 6733 0001469192 false N-1A N-CSRS semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report semi-annual shareholder report NEW YORK LIFE INVESTMENTS FUNDS TRUST 2026-05-31 NYLI Cushing® MLP Premier Fund Class A CSHAX This <span class="sec-hidden" style="-sec-ix-hidden: t_45_d245b872_ec1d_cc84_2de7_fb5d317d86a2;">semiannual shareholder report</span> contains important information about NYLI Cushing<sup style="font-size: 10px;">®</sup> MLP Premier Fund (the "Fund") for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782. dfinview.com/NYLIM 800-624-6782 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.47<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table> 81 0.0147 <div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;"> <img alt="Fund Performance - Growth of 10K" src="g31981chartimages_5395735.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended May 31, 2026</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10/20/2010</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.92<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.18%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.45%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.92%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.12%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Alerian Midstream Energy Select Index<sup style="font-size: 10px;">3</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.16%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.27%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.88%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Cushing MLP Premier Tiered Index<sup style="font-size: 10px;">4</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.16%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.27%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.21%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Alerian MLP Index<sup style="font-size: 10px;">5</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.74%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.75%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Energy Limited Partnership Category Average<sup style="font-size: 10px;">6</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.39%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">23.05%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.32%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.52%</td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Alerian Midstream Energy Select Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Alerian MLP Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table> Class A Shares - Including sales charges 2010-10-20 0.1381 0.1812 0.2047 0.0930 Class A Shares - Excluding sales charges 0.2043 0.2499 0.2184 0.0992 Russell 3000®Index 0.1118 0.2945 0.1292 0.1512 Alerian Midstream Energy Select Index 0.2216 0.2627 0.2161 0.1288 Cushing MLP Premier Tiered Index 0.2216 0.2627 0.2161 0.0921 Alerian MLP Index 0.1661 0.2463 0.2174 0.0975 Morningstar Energy Limited Partnership Category Average 0.1839 0.2305 0.2032 0.0952 Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information. <div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,197,832,796<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">18<span>%</span></td> </tr> </table> 1197832796 26 0.18 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Targa Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Energy Transfer LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams Cos., Inc. (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DT Midstream, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Plains GP Holdings LP, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyera Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MPLX LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pembina Pipeline Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large Cap Diversified C Corps </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">39.5<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large Cap MLP </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.3<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Natural Gas Gatherers &amp; Processors </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Natural Gas Transportation &amp; Storage </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canadian Midstream </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Refiners </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Crude Oil &amp; Refined Products </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Upstream Corp </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil Field Services </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water Midstream </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Targa Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Energy Transfer LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams Cos., Inc. (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DT Midstream, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Plains GP Holdings LP, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyera Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MPLX LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pembina Pipeline Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> 0.098 0.089 0.078 0.060 0.057 0.051 0.051 0.049 0.049 0.046 0.395 0.183 0.173 0.069 0.051 0.041 0.026 0.016 0.015 0.014 0.017 NYLI Cushing® MLP Premier Fund Class C CSHCX This <span class="sec-hidden" style="-sec-ix-hidden: t_46_5e43d63c_732e_74b3_9f57_5264258c0657;">semiannual shareholder report</span> contains important information about NYLI Cushing<sup style="font-size: 10px;">®</sup> MLP Premier Fund (the "Fund") for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782. dfinview.com/NYLIM 800-624-6782 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>121</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.20<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table> 121 0.0220 <div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;"> <img alt="Fund Performance - Growth of 10K" src="g31981chartimages_5395736.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended May 31, 2026</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10/20/2010</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.08<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.08<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.18%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.45%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.92%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.12%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Alerian Midstream Energy Select Index<sup style="font-size: 10px;">3</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.16%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.27%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.88%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Cushing MLP Premier Tiered Index<sup style="font-size: 10px;">4</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.16%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.27%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.21%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Alerian MLP Index<sup style="font-size: 10px;">5</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.74%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.75%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Energy Limited Partnership Category Average<sup style="font-size: 10px;">6</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.39%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">23.05%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.32%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.52%</td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Alerian Midstream Energy Select Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Alerian MLP Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table> Class C Shares - Including sales charges 2010-10-20 0.1892 0.2314 0.2096 0.0908 Class C Shares - Excluding sales charges 0.1992 0.2414 0.2096 0.0908 Russell 3000®Index 0.1118 0.2945 0.1292 0.1512 Alerian Midstream Energy Select Index 0.2216 0.2627 0.2161 0.1288 Cushing MLP Premier Tiered Index 0.2216 0.2627 0.2161 0.0921 Alerian MLP Index 0.1661 0.2463 0.2174 0.0975 Morningstar Energy Limited Partnership Category Average 0.1839 0.2305 0.2032 0.0952 Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information. <div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,197,832,796<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">18<span>%</span></td> </tr> </table> 1197832796 26 0.18 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Targa Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Energy Transfer LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams Cos., Inc. (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DT Midstream, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Plains GP Holdings LP, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyera Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MPLX LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pembina Pipeline Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large Cap Diversified C Corps </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">39.5<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large Cap MLP </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.3<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Natural Gas Gatherers &amp; Processors </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Natural Gas Transportation &amp; Storage </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canadian Midstream </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Refiners </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Crude Oil &amp; Refined Products </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Upstream Corp </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil Field Services </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water Midstream </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Targa Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Energy Transfer LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams Cos., Inc. (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DT Midstream, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Plains GP Holdings LP, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyera Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MPLX LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pembina Pipeline Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> 0.098 0.089 0.078 0.060 0.057 0.051 0.051 0.049 0.049 0.046 0.395 0.183 0.173 0.069 0.051 0.041 0.026 0.016 0.015 0.014 0.017 NYLI Cushing® MLP Premier Fund Class I CSHZX This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_47_2a77e67d_c265_e6ff_6cea_4e9ed910ca3e;">semiannual shareholder report</span></span> contains important information about NYLI Cushing<sup style="font-size: 10px;">®</sup> MLP Premier Fund (the "Fund") for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782. dfinview.com/NYLIM 800-624-6782 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.22<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table> 67 0.0122 <div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable,<span style="white-space: nowrap;"> </span>for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;"> <img alt="Fund Performance - Growth of 10K" src="g31981chartimages_5395737.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended May 31, 2026</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10/20/2010</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.18<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.18%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.45%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.92%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.12%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Alerian Midstream Energy Select Index<sup style="font-size: 10px;">3</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.16%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.27%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.88%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Cushing MLP Premier Tiered Index<sup style="font-size: 10px;">4</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.16%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.27%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.21%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Alerian MLP Index<sup style="font-size: 10px;">5</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.74%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.75%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Energy Limited Partnership Category Average<sup style="font-size: 10px;">6</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.39%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">23.05%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.32%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.52%</td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Alerian Midstream Energy Select Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Alerian MLP Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table> Class I Shares 2010-10-20 0.2048 0.2531 0.2214 0.1018 Russell 3000®Index 0.1118 0.2945 0.1292 0.1512 Alerian Midstream Energy Select Index 0.2216 0.2627 0.2161 0.1288 Cushing MLP Premier Tiered Index 0.2216 0.2627 0.2161 0.0921 Alerian MLP Index 0.1661 0.2463 0.2174 0.0975 Morningstar Energy Limited Partnership Category Average 0.1839 0.2305 0.2032 0.0952 Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information. <div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,197,832,796<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">18<span>%</span></td> </tr> </table> 1197832796 26 0.18 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Targa Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Energy Transfer LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams Cos., Inc. (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DT Midstream, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Plains GP Holdings LP, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyera Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MPLX LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pembina Pipeline Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large Cap Diversified C Corps </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">39.5<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large Cap MLP </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.3<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Natural Gas Gatherers &amp; Processors </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Natural Gas Transportation &amp; Storage </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canadian Midstream </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Refiners </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Crude Oil &amp; Refined Products </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Upstream Corp </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil Field Services </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water Midstream </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Targa Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Energy Transfer LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams Cos., Inc. (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DT Midstream, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Plains GP Holdings LP, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyera Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MPLX LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pembina Pipeline Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> 0.098 0.089 0.078 0.060 0.057 0.051 0.051 0.049 0.049 0.046 0.395 0.183 0.173 0.069 0.051 0.041 0.026 0.016 0.015 0.014 0.017 NYLI Cushing® MLP Premier Fund Investor Class CSHNX This <span class="sec-hidden" style="-sec-ix-hidden: t_48_66c1bc6b_d0cd_5eb6_1bcd_05484cbe3ac4;">semiannual shareholder report</span> contains important information about NYLI Cushing<sup style="font-size: 10px;">®</sup> MLP Premier Fund (the "Fund") for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782. dfinview.com/NYLIM 800-624-6782 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Share Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.45<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Annualized.</div> </td> </tr> </table> 80 0.0145 <div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 semiannual reporting periods of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal period in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;"> <img alt="Fund Performance - Growth of 10K" src="g31981chartimages_5395738.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Period Ended May 31, 2026</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Six<br/>Months<sup style="font-size: 10px;">1</sup></td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7/11/2014</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.32<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.94<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.18%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.45%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.92%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.12%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Alerian Midstream Energy Select Index<sup style="font-size: 10px;">3</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.16%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.27%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.88%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Cushing MLP Premier Tiered Index<sup style="font-size: 10px;">4</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">22.16%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.27%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.21%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Alerian MLP Index<sup style="font-size: 10px;">5</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.61%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">21.74%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.75%</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Energy Limited Partnership Category Average<sup style="font-size: 10px;">6</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">18.39%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">23.05%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">20.32%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.52%</td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Not annualized.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Alerian Midstream Energy Select Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Alerian MLP Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs.</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table> Investor Class Shares - Including sales charges 2014-07-11 0.1443 0.1885 0.2063 0.0932 Investor Class Shares - Excluding sales charges 0.2045 0.2511 0.2188 0.0994 Russell 3000®Index 0.1118 0.2945 0.1292 0.1512 Alerian Midstream Energy Select Index 0.2216 0.2627 0.2161 0.1288 Cushing MLP Premier Tiered Index 0.2216 0.2627 0.2161 0.0921 Alerian MLP Index 0.1661 0.2463 0.2174 0.0975 Morningstar Energy Limited Partnership Category Average 0.1839 0.2305 0.2032 0.0952 Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information. <div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,197,832,796<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">26<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">18<span>%</span></td> </tr> </table> 1197832796 26 0.18 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Targa Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Energy Transfer LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams Cos., Inc. (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DT Midstream, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Plains GP Holdings LP, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyera Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MPLX LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pembina Pipeline Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Industries </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large Cap Diversified C Corps </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">39.5<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large Cap MLP </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.3<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Natural Gas Gatherers &amp; Processors </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Natural Gas Transportation &amp; Storage </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canadian Midstream </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Refiners </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Crude Oil &amp; Refined Products </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Upstream Corp </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Oil Field Services </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water Midstream </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Targa Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Energy Transfer LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams Cos., Inc. (The)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DT Midstream, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Plains GP Holdings LP, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keyera Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MPLX LP</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pembina Pipeline Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ONEOK, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> 0.098 0.089 0.078 0.060 0.057 0.051 0.051 0.049 0.049 0.046 0.395 0.183 0.173 0.069 0.051 0.041 0.026 0.016 0.015 0.014 0.017 Not annualized. The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Annualized. Not annualized. The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Alerian Midstream Energy Select Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities. The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter. The Alerian MLP Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs. The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. Excluding short-term investments The Alerian Midstream Energy Select Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities. Annualized. Not annualized. The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Alerian Midstream Energy Select Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities. The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter. The Alerian MLP Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs. The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter. Excluding short-term investments Annualized. The Alerian MLP Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs. The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. Excluding short-term investments Annualized. Not annualized. The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Alerian Midstream Energy Select Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based composite of North American energy infrastructure companies. The Alerian Midstream Energy Select Index is a capped, float-adjusted, capitalization weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities. The returns for the tiered benchmark represent the returns of the Alerian MLP Index prior to December 1, 2020 and the returns of the Alerian Midstream Energy Select Index thereafter. The Alerian MLP Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is an unmanaged, capped, float-adjusted, capitalization-weighted index and a leading gauge of energy MLPs. The Morningstar Energy Limited Partnership Category Average is representative of funds that invest primarily a significant amount of their fund in energy master limited partnerships. These include but are not limited to limited partnerships specializing in midstream operations in the energy industry. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. Excluding short-term investments